EUR/USD hourly chart
After a slow start to the day, EUR/USD is seeing a quick rise in the past two hours in a push from 1.0980 to 1.1020 currently. Buyers have seized back near-term control on a push back above both the 100 (red line) and 200-hour (blue line) moving averages, as seen above.
The catalyst for the move? It seems like the dollar is giving some back after yesterday’s advance with US futures nudging higher on the back of a rally in tech shares while bond yields are also steadying after the sharp fall yesterday.
In other words, it is just some added pushing and pulling that we have been seeing in the pair since two weeks ago until now.
But for EUR/USD price action today, just be mindful of the large option expiries noted here.
While they are mostly layered between 1.0900 through to 1.1000, there are also large ones seen at around 1.1030-45 which could help to keep a lid on any upside price action before rolling off later.
Otherwise, we could also see the pair end up being more sticky around the figure level unless there are more outsized move in broader markets during the session ahead.
In the big picture, there is still key weekly resistance around 1.1033 with the recent highs around 1.1067-75 also a region that buyers will have to try and shake off.
