EUR/USD climbs back towards the 1.1800 level
There’s not much reprieve for the dollar in European morning trade today as the risk rally is pinning the greenback lower currently. European indices are pushing gains of over 2% while US futures are also higher by ~0.7% and that is keeping risk sentiment buoyed.
Elsewhere, 10-year Treasury yields are up by 2.3 bps to 0.599% and that is also helping with the risk mood and keeping the Japanese yen lower on the session.
For EUR/USD, price action is approaching 1.1800 again and nears a test of its 200-hour MA (blue line) @ 1.1804 with the 100-hour MA (red line) not far away @ 1.1815.
Keep below those levels and sellers will still stay in the game but move back above that near-term region and buyers will start to resume more control in the pair.
Elsewhere, cable is also now looking to try and keep above the 1.3100 handle:
The 100-hour MA (red line) @ 1.3101 is also a key spot to watch as that helped to limit gains in trading yesterday, putting the focus back around the 200-hour MA (blue line) @ 1.3090 currently. Those will be key near-term levels to watch in the session ahead.
For cable, a breach above the key near-term levels above will pave the way for another potential test of the recent highs @ 1.3170-86.