EURUSD is struggling for near-term direction

The EURUSD pair is struggling for near-term direction close to 1.1300.

The near-term bias in the pair is more neutral currently as price holds underneath the 100-hour Moving Average at 1.1313 however over the 200-hour Moving Average at 1.1278. There is likewise support from the neat-term trendline that is constraining losses on the session up until now, however all in all I’d give more consideration to the 200-hour MA for more clear near-term direction.

Price action stays restricted as the pair sits in only a 17 pips range as markets keep on processing US-China trade tensions, the chances of Fed interest rate cuts, and furthermore falling inflation expectations in the euro zone.

The key risk event will be tomorrow’s US retail sales report so let’s see what that brings to the table.

Rose Alice

About: Rose Alice

Rose Alice has a long experience as a currency analyst with a deep knowledge of the relationship between macroeconomics and currencies fluctuation.