Price is continuing to sit just under the 1.1400 handle
It's been a relatively quiet session for the pair so far with price action inching towards the lower side on the day under the 1.1400 handle. That said, the trading range remains narrow with price largely seen between 1.1385-00 in the past few hours.
For buyers, they are still searching for a firm break above the 1.1400 handle with minor resistance also seen around 1.1420. The bias and momentum continue to sit in their favour but markets may very well be in a wait-and-see mode ahead of the Trump-Xi meeting that will take place later on in the week.
Of note, there are also expiries resting at 1.1400 (€563 million) today, 1.1370-90 (€3.4 billion) tomorrow, and again at 1.1400 (€1.5 billion) on Thursday. If you factor that in alongside month-end and quarter-end flows, it could perhaps provide some draw in anchoring price action over the next few days amid market indecision.
That said, unless price starts to threaten a fall back below the 200-day MA (blue line) @ 1.1348 then buyers are still in control of the pair and technically look poised for a continued break higher from here.
