EUR/USD eases towards key near-term level as the dollar shows some fight

EUR/USD falls to 1.2105 and nears a test of its 100-hour moving average

The greenback is higher across the board in European morning trade and is starting to run against some key levels on the charts today.

EUR/USD H1 12-02

Of note, EUR/USD is now down to near 1.2100 as price closes in on a test of the 100-hour moving average (red line) @ 1.2103.

Keep above that and the near-term bias stays more bullish but break below and the near-term bias becomes more neutral instead. Further key support is then seen closer to the 200-hour moving average (blue line) @ 1.2060.

If sellers can manage that, it essentially resets the upside momentum seen this week.

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Categorized as Forex

By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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