EUR/USD bounces back a little on the week, but what does the chart say?

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The dollar’s recent advance is stalling a little on the week, holding slightly lower today as well. That is seeing EUR/USD be up another 0.2% to 1.0689 as it keeps up a modest bounce from the 1.0600 mark earlier this week. So, is this bounce a significant one? Let’s see what the near-term chart has to say.

For now, it’s not much but the more important thing is that buyers have managed to wrestle back some control.

The break back above the 100-hour moving average (red line) is the most notable development. And that sees the near-term bias in the pair now become more neutral instead. The next key resistance point will be the 200-hour moving average (blue line) at 1.0725.

Keep below that and sellers are still in it with a shout. But break above, and buyers will start to have incentive to turn things around against the dollar in general.

As such, we’re now caught in a more ping pong range between the two key near-term levels highlighted. Unfortunately, there won’t be much in terms of economic data to help settle the score. So, let’s see what ECB speak and Fed speak has to offer before the weekend comes along.