December 5, 2022

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EUR/USD inches a little higher to start the session

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EUR/USD up 0.2% to 1.2144

The euro is among the early movers for the day with little else happening in the major currencies space. European equities are shining brightly and that remains an attractive factor in terms of flows in the big picture.

That said, the latest bounce here may be a bit technical too as EUR/USD continues to hold a defense of 1.2100 this month – the latest test being yesterday:

EUR/USD H1 15-06

The confluence of the key hourly moving averages is seen at 1.2149-57 so that is a key region to watch that may limit any upside potential on the day.

So far, this just points to some light movement as we get things underway in Europe but nothing that really alters the picture for the pair too much before the Fed.

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