EUR/USD pares losses to flat levels on the day now
The dollar is pulling back some of its earlier gains on the session, but remains firmly stronger against most major currencies. The only exception being EUR/USD notably climbing back to flat levels on the day now at 1.1374.
This comes after buyers defended the 100-hour moving average (now @ 1.1324) to maintain the more bullish near-term bias in the pair, as they did in overnight trading.
That in turn is keeping the pair more upbeat, with the dollar seeing gains ease slightly across the board. AUD/USD is now up to 0.6945 from around 0.6920 at the start of the session, with GBP/USD nudging higher to 1.2690 from a low of 1.2650 earlier.
For EUR/USD, keeping above the 100-hour moving average continues to reaffirm buyers’ conviction and the next key test will be looking to hold a daily break above 1.1400.
If buyers can manage that, there is little in the way stopping a retest of the March high close to the 1.1500 handle.
That said, the risk mood remains softer with stocks still suffering for the most part in European morning trade. The DAX is down by 2.5% and S&P 500 futures are down by 1.7% currently, so that is a consideration to underpin the dollar so long as the mood keeps up.