EUR/USD price action falls back to in between the key hourly moving averages
The push higher yesterday stalled just below 1.1900 with the near-term trendline resistance also keeping buyers at bay, as the dollar was also helped by a more risk-off push towards the end of US trading yesterday.
In turn, the drop in the pair saw it break its recent near-term trendline support as sellers drove price towards the 200-hour MA (blue line).
The level held and price action has been resting in between the key hourly moving averages since then, with the 100-hour MA (red line) @ 1.1852 limiting gains for now.
After the drop last Monday upon hitting 1.1900, buyers have gradually built momentum towards testing the figure level again but fell just short this week.
As things stand, they are losing their grip on the push higher as the near-term bias now turns more neutral instead.
Move back above the 100-hour MA and the bias turns more bullish again but break below the 200-hour MA @ 1.1832, then the bias turns more bearish instead.
It is still largely about the risk push and pull at the moment, and the dollar sits in a better spot now compared to yesterday in that regard.
The S&P 500 fell below 3,600 and its 2 September high at 3,588, thus also seeing sellers wrestle back more momentum after the pop on Monday.
The risk mood remains more guarded and cautious now but at least sellers are still in the game and such sentiment also benefits the dollar as we are seeing above.
If the near-term bias in EUR/USD switches back to being more bullish, resistance levels are relatively defined closer to 1.1885-94 before approaching 1.1900.
As for a near-term downside break, minor support is then seen closer to 1.1814 before some bids seen around 1.1800 and then further support at 1.1746-60.
