Technical Analysis

EUR/USD slightly softer so far on the session, nears 1.1800

EUR/USD eases down 0.2% to a low of 1.1808

There isn’t much else happening in the market at the moment as we continue to count down to the US non-farm payrolls release later at 1230 GMT.

The euro is a touch on the softer side as we see the narrow ranges for the day stretch out a bit, notably with EUR/USD falling 0.2% to 1.1808 currently.

Sellers are in near-term control as price action keeps below both key hourly moving averages but support around 1.1800 and levels just below that have been a stubborn barrier that sellers haven’t quite broken through throughout the month of July.

We’re now seeing price closer back in on 1.1800 but just be wary that there are large expiries at the figure level that is likely to limit any major push lower before we get to the key risk event later in the day.

A strong US jobs report later could yet spark dollar bids and maybe provide some impetus for sellers to push back towards the July low @ 1.1752. That will be a key support region to watch before the late March lows @ 1.1704-11 come into play.

Leave a Reply

Your email address will not be published.