December 7, 2022

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EUR/USD continues more sideways action to start the week

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EUR/USD a little lower to 1.1845-50 but holds above key near-term levels

EUR/USD H1 13-07
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The range for the day is stretching a little but the overall move is still relatively light, all things considered. The pair is seen on the retreat from 1.1875 to a low of 1.1842, testing the confluence of its key hourly moving averages @ 1.1842-46.

Below that, there is some minor support around 1.1825 before 1.1800 comes into play.

So far on the week, the pair is still rather choppy in search of fresh direction and one can argue that this has been the case for the month as price action ranges between 1.1800 and 1.1900 for the most part in the past two weeks.

The dollar is keeping steadier so far in European morning trade, with there being little to work with so far on the session as equities are tepid while bonds are flat.

The US CPI data release later today will be the next key risk event to watch.

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