EUR/USD trades narrowly as sellers continue to lean on key near-term level
EUR/USD trades in a 6 pips range to start the day
Is this thing even awake today? Price is basically just hugging the 100-hour MA (red line) since overnight trading as sellers continue to lean on the level to keep near-term control but are struggling to search for a break below the 1.1000 handle.
It is hard to really make anything of the price action when it is basically so subdued but I guess you can argue that sellers are still trying to maintain some momentum in search for a downside break - though thin liquidity trading isn't helping in that sense.
From a technical perspective, it is rather simple. The risk for sellers is if price starts to move back above the 100-hour MA towards a test of the 200-hour MA (blue line) @ 1.1037.
Meanwhile, the risk for buyers is if price falls below the 1.1000 handle and more importantly below the 14 November low @ 1.0989.
Looking ahead today, trading may remain more subdued amid lighter trading conditions with large expiries seen at 1.1000 (€738m) and 1.1025-35 (€1.1bn).