EUR/USD creeps higher as buyers are looking towards the 1.13 handle

Technical Analysis

EUR/USD touches a session high of 1.1283


The euro is slowly recovering more of its drop from the ECB meeting last week and has now reached session highs for the day, closing in on the 1.1300 handle. Nothing in the immediate outlook has changed for the pair but from a technical perspective, buyers are poised and looking to seize control after the pair bottomed out just under 1.1200.

The 1.1300 handle will be a key level in my view, with the 200-hour MA (blue line) sitting nearby and that will define the bullish/neutral bias in the near-term. Meanwhile, there’s also notable offers and large expiries resting at the level so that could help to keep a cap on price action for today.

The dollar is trading a little weaker on the day as plenty of focus is still on the pound but as an aside, a positive Brexit outcome is also good for the euro in the bigger picture. That said, I still maintain the view that it is tough to see the single currency sustaining a solid rally given the ECB decision last week so unless price manages to firmly break above the 1.1300 level, it could be a good area to start reconsidering shorts again.

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