There are just a couple to take note of on the day, as highlighted in bold below.
That being for EUR/USD at the 1.1640-50 levels. After the drop since the start of last week, we’re finally seeing the pair move back above its 100-hour moving average (seen at 1.1597 currently). However, price action continues to rest below the 200-hour moving average (seen at 1.1666 currently). So, that keeps the near-term bias more neutral for now.
As such, the expiries could play a role in limiting price action between the two key near-term levels above. However, I would once again like to emphasise that the impact of the expiries is likely to be more muted. That especially considering how trading sentiment is largely driven by bigger influences in the market right now.
The broader dollar mood remains the key determining factor, and that is now tied to the overall risk mood and oil prices. Amid the drop in oil from the highs yesterday, we are seeing the dollar also fall back to start the week. EUR/USD fell to a low of 1.1507 yesterday but is now over 100 pips higher from that.
So, that pretty much underscores the importance of oil prices and headline risks to dollar sentiment at the moment.
For more information on how to use this data, you may refer to this post here.
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