EUR/USD keeps the bounce as buyers try to seize more near-term control today

EUR/USD keeps the rebound from 1.2000 yesterday to 1.2100 today

EUR/USD D1 03-03

Price is climbing to a fresh session high of 1.2108 as the dollar is seen a touch weaker to start the session as the narrow ranges on the day extend a little.

Of note, EUR/USD is keeping a bounce from 1.2000 yesterday as well as a test of its 100-day moving average (red line) and trendline support – seen closer to 1.2035 today.

Drilling down to the near-term chart:

EUR/USD H1 03-03

Buyers are looking more poised after the recent shove lower since last week, with the pair once again holding at key support levels highlighted above.

The retracement higher since yesterday now sees the pair test the 100-hour moving average (red line) @ 1.2097. Break above that and the near-term bias turns more neutral with the 200-hour moving average (blue line) @ 1.2121 offering added resistance.

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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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