February 8, 2023

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EUR/USD little changed on the day as price action keeps in between key technical levels

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EUR/USD holds above 1.2000 but keeps below its 100-day moving average

The pair is keeping within a narrow range, 21 pips, so far today as price action continues to center around key technical levels for the time being.Invest in yourself. See our forex education hub.

EUR/USD D1 22-04

The topside remains limited by its 100-day moving average (red line) @ 1.2054 and buyers need to hold a firm break above that to see any upside momentum run further.

Meanwhile, downside is limited closer to its 100-hour moving average @ 1.2020 currently with further key support seen at 1.2000 as seen with the near-term chart:

EUR/USD H1 22-04

As such, the tug of war is still playing out until either buyers or sellers make a play. There was a hint of mild dollar weakness earlier to start the session but that has since fizzled. I reckon we may have to wait until US trading later for the ranges to extend.


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