EUR/USD nudges higher as Biden-Putin meeting possibility brings about hope

The move higher also comes as the dollar is seen weaker across the board alongside the yen. This comes after news earlier of a Biden-Putin summit to take place, only if Russia does not invade Ukraine.

EUR/USD is now trading up to 1.1375 and is contesting its 200-hour moving average (blue line) @ 1.1373:

Break above and the near-term bias turns more bullish but keep below and the bias will remain more neutral for now.

In the bigger picture though, the pair is still relatively contained as traders continue to digest the whole Russia-Ukraine situation. Here’s a look at the daily chart:

The 1.1300 handle is still one that is providing decent daily support while topside is limited by its 100-day moving average (red line) @ 1.1396 and the 1.1400 level I would argue.

As such, there needs to be a break on either side of that range for there to perhaps spark any potential trending move. However, that may only come when we get more concrete evidence of how Russia-Ukraine tensions would play out in a significant way.