EUR/USD sits in a narrow 13 pips range on the day so far
Currencies are still mostly in a slumber with little changes across the board as markets continue to find its footing while digesting US-China trade tensions. EUR/USD is mostly steady near unchanged levels as the pair sits around 1.1170-80 so far today.
Sellers remain in near-term control as price holds below both key hourly moving averages but for now, they are finding it tough to break below support around 1.1167-70. That will be the key near-term level to watch out for in the sessions ahead.
Then, there’s also large expiries rolling off today at 1.1175 so I reckon that is also playing a role in keeping price action anchored around current levels.
Further support the downside is then seen closer to 1.1150 followed by the 3 May low @ 1.1135. Those will be near-term levels to eye if we do get a run lower before the end of the week. Meanwhile, topside levels remain capped by the key hourly moving averages and offers around 1.1200.
Hence, the region of 1.1200-10 is likely to offer key resistance in limiting gains today unless markets beat the dollar down on some form of massive risk-on rally – which I can’t see happening just yet.