After a run up against the 1.0800 level on Friday, EUR/USD is not finding much follow through to take another run at the key level. The 200-day moving average (blue line) also saw sellers step in, with price now falling to 1.0730 levels. This sets up a potential back-to-back daily drop for the pair for the first time in three weeks:
EUR/USD daily chart
The nudge lower today also owes to the dollar regaining some composure after last week’s fall. The greenback is sitting higher in trading today, starting to stretch its muscles a bit now. Looking to the near-term chart:
EUR/USD hourly chart
The pair has also dropped below its 100-hour moving average (red line) in trading today. That sees the near-term bias now shift to being more neutral. It is a similar case for AUD/USD as outlined here. And that suggests that the dollar is finding some support this week from a broader perspective.
The 200-hour moving average (blue line) at 1.0726 currently will be one to watch for EUR/USD as such. Hold that and buyers are still in with a shout towards the end of the week. Break below and sellers will regain near-term control.