EUR/USD continues to hold the line, draws in key near-term level

And with a slight nudge up today, price is testing the 100-hour moving average (red line) again. The key near-term level is seen at 1.0571 currently. Hold below that and sellers will continue to keep a more bearish bias. But break above, and the near-term bias turns more neutral instead.

That marks the key near-term level to watch out for in the pair to start the week. The key downside support level remains the same one as we saw last week, that being the 1.0500 mark – in particular on the weekly chart.

The next few days won’t feature too much on the economic calendar for both the US and Eurozone. It is only on Friday where the economic calendar starts to get more interesting with PMI data back in focus.

As such, central bank speakers might be the only thing to watch out for in between now and then. Otherwise, it’s all about whether the post-election momentum can keep up. Or are we going to see a pullback to that this week?

The technical hints such as the one above will provide clues in determining the market sentiment we’ll be working with.

This article was written by Justin Low at www.forexlive.com.