EUR/USD moves off the lows as price continues to pivot around the 1.1200 handle

Technical Analysis

EUR/USD moves back up to 1.1215


But it’s still the same old story for EUR/USD over the past week. Price is continuing to consolidate and pivot around 1.1200 with little conviction to firmly break away on either side of the figure level.

Of note, the lows today come as price tests the broken trendline support just above 1.1180 before climbing back up to move above the 100-hour MA (red line) now but price is still sitting below the topside trendline resistance @ 1.1217.

For a moment yesterday, it looked like we may get a directional break in the pair but sellers failed to extend the downside move below the 38.2 retracement level @ 1.1165 and the 200-hour MA (blue line).

Despite the move higher in the past half-hour, it’s still hardly convincing of any firm directional move for EUR/USD until we see price break below both key hourly moving averages or if price holds a firm daily close above the 100-day moving average @ 1.1224.

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