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Dollar buyers show some poise in European morning trade

The dollar catches some light bids on the session

EUR/USD is now down a session low of 1.1865 with GBP/USD also slipping to a low of 1.3140 on the day. The dollar is trimming losses across the board as buyers are putting up a defense upon meeting key technical levels to start the new week.

The high for GBP/USD hit 1.3199 earlier but is now slipping towards 1.3140 as we also see price action hit familiar daily resistance from the 61.8 retracment level @ 1.3174.
Elsewhere, the greenback is also paring some losses against the commodity currencies with AUD/USD down to 0.7275 from near 0.7300 earlier.
The latest moves don’t change the technical bias in the dollar after the push from last week but as hit a key technical crossroads, it isn’t breaking down entirely just yet at least.

Source: Technical analysis

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