The pair has been doing a bit of a personal battle between the 200-day MA (blue line) and the 107.00 level to start the week and that has slowly progressed towards a tug of war between buyers and sellers closer to key near-term levels over the past few sessions.
In the big picture, the 200-day MA @ 108.33 remains a key line in the sand to limit any upside momentum but the focus has now shifted to the near-term chart instead:
Currently, the pair is flirting with a break of the near-term trendline resistance but the more important technical level to watch out for is the 100-hour MA (red line) @ 107.86.
For sellers, they need to defend that level to try and keep the near-term bearish bias going in search for a firm break back below the key 107.00 level.
As for buyers, a break above that will be a good start towards attempting to test the 200-day MA @ 108.33 as pointed out above earlier.
The pair remains very much in a bit of a tug of war battle as we see the risk mood keep slightly better so far today after a rough start to the new month yesterday.
But if this proves to be yet another false dawn for risk and stocks, the debate on orderly and disorderly movements will come back into the picture once again.