There is just one to take note of on the day, as highlighted in bold below.
That being for EUR/USD at the 1.1650 level. That keeps near key near-term levels, with the 200-hour moving average seen at 1.1645 currently. As mentioned yesterday, the currency pair is now caught in between that and its 100-hour moving average of 1.1599 at the moment. That is seeing price action get more locked in awaiting further changes in trading sentiment.
The dollar has weakened back as oil prices come off the boil. But after the Washington fiasco yesterday, traders are still reserving some caution amid trying to decipher the lies and deception in the headlines.
The hourly chart better exemplifies the state of play in EUR/USD at the moment after the nudge higher late on Monday:
EUR/USD hourly chart
As such, the option expiries above could act alongside the 200-hour moving average to keep price action more limited to the upside in European morning trade later. That unless dollar flows start to act up again as markets react to the US-Iran conflict. In that lieu, it’s all on prices as that is the tail wagging the dog in markets currently.
So, just be wary of that as we look to the session ahead.
For more information on how to use this data, you may refer to this post here.
Head on over to investingLive (formerly ForexLive) to get in on the know!
