EUR/USD is running into support at the 100-hour MA
Sellers are knocking on the door as they look to regain near-term control of the pair. Right now, price is testing the 100-hour MA (red line) @ 1.1583 as well as the 23.6 retracement level @ 1.1581.
The two levels helped to stall overnight declines in the pair and has also helped to limit the downside seen in the last hour or so. For buyers, it is all about staying above these levels as a move below will mean that the near-term bias favours sellers more.
There is minor support in the pair at around 1.1570 but any further move below will see expiries at 1.1550 coming into play. That may help to put a limit to the downside should we break lower. Otherwise, as mentioned earlier the current range will continue to play out with expiries at 1.1600 being a key point of interest as well.
