EUR/USD Sticks Close to 1, As Traders Wait for More Direction
EUR/USD has been looking at parity for quite some time and it fell below the 1 level late last month. That was the big break everyone was anticipating, but we haven’t seen a followthrough since then. The lows so far have been close to 0.99 which seems to have turned into a support zone. So, sellers are having difficulties.
This pair fell to a low of 0.9915 earlier today after opening with a bearish gap over the weekend, before reversing higher and moving above parity again. As much as the dollar is softer today, there is still some stubbornness to EUR/USD breaking lower for the time being.
EUR/USD Daily Chart – MAs Pushing the Pirce Lower
The highs keep getting lower for this pair
The chart doesn’t lie though. So long as price action keeps remaining like this, the bias is still for another leg lower in the pair. Perhaps a large set of option expiries at 0.9900 for tomorrow is keeping things in check. But if we do get a firm break and daily close below that, I would argue that it will trigger the next leg lower in the pair. But for the moment this pair continues to trade in a range close to parity, as central banks are not giving clear signs of whether they will slow down with rate hikes or keep the pace in the coming meeting.
EUR/USDLive Chart
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