EUR/USD climbs above key technical levels as buyers look to establish more control

Technical Analysis

Author: Justin Low | eurusd

EUR/USD moves above its 200-day and 200-hour moving averages

EUR/USD H1 15-01
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Notably, buyers have seized back near-term control after failing to do so in overnight trading as the 200-hour MA (blue line) was defended. But upon a test of the 100-hour MA (red line) earlier today, buyers have built momentum to go in search of a break higher now.

Price is trading above its 200-hour MA @ 1.1138 as well as its 200-day MA, also @ 1.1138.

The move is coinciding with some weakness in the dollar as cable is also back up to 1.3020 - testing its 100-hour moving average while USD/CHF is dragged lower to 0.9650.

For EUR/USD, there is some minor resistance around 1.1153 but a close above the 200-day MA @ 1.1138 will put buyers in a good spot technically to aim towards 1.1180 next.

Ultimately, I still view the pair as being one that is "tough" to trade given the lack of volatility and trending moves in general. The fact that there isn't any major catalysts for the euro currency at the moment only serves to exacerbate that.

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