There are just a couple of expiries to take note of on the day, as highlighted in bold below.
They are both for EUR/USD at the 1.1700 to 1.1750 levels. They don’t tie much to any key technical levels, even if the 100-day moving average may be resting nearby at 1.1707 currently. But to the downside, the key floor level in play is still the 200-day moving average at 1.1682. That has been the big level in helping to arrest the declines at the end of April and so will continue to be the key threshold to watch for any downside extensions.
As such, the expiries at 1.1700 could play a role in helping to keep price action more limited today. That especially since there likely won’t be any fresh leads on the US-Iran situation.
The broader market focus is now sidetracked in turning the attention to Beijing, where US president Trump is meeting with China president Xi Jinping. So, that will be the key risk event in the next two days.
In the meantime, the situation in the Middle East continue as it is with the Strait of Hormuz staying closed. That continues to keep oil prices underpinned, although stocks are once again closing an eye to the whole predicament.
So, that’s keeping dollar sentiment slightly firmer but nothing that really shakes things up on the week just yet.
For more information on how to use this data, you may refer to this post here.
