Buyers and sellers battle it out
Sellers are trying to keep the near-term bearish bias working for them and keep prices under the 100-hour MA (red line) @ 110.80. But for buyers, move above and it breaks that near-term bearish hold.
Price continues to trade around the 110.70-90 levels over the last few hours as the battle draws out. Liquidity is thin now as we await the opening of European markets so let's see if we'll get any firm follow through moves later on.
Upside levels to look out for in the pair is resistance around 110.90 to 111.00 where the 200-hour MA (blue line) @ 110.99 also sits and offers are seen at the figure level. Further resistance is seen at 111.10-15 followed by yesterday's high @ 111.43.
Meanwhile, downside support is seen around 110.40-50 followed by the week's low at 110.11. Bids are also seen at 110.00 should we get there. Of note, there is large expiries today @ 110.50 that may help to keep the pair centred around that level if we continue to trade near the day's lows.
As we close out the week, take note that the 100-week MA sits @ 110.64 so that will be a key level to take note of ahead of tomorrow's close.
