Dollar gains some further ground to start the session
The dollar creeps a little higher, building on the turnaround yesterday
EUR/USD is dragged down to a low of 1.1871, as sellers break below its 100-hour moving average and move closer towards a test of the 200-hour moving average @ 1.1858.
Meanwhile, we are also seeing cable slip to a session low of 1.3332 and that is calling into question the 100-hour moving average in the pair as well:
Keep above that and buyers will maintain a more bullish near-term bias but break below the 100-hour moving average @ 1.3327 and the bias turns more neutral instead.
There isn’t any major catalyst driving the dollar gains since overnight trading, but profit-taking activity in the likes of EUR/USD amid stretched positioning is definitely one of the more considerable factors after the pair hit the 1.2000 level.
Elsewhere, we are also seeing the dollar challenge some key technical levels with USD/CAD testing its 100-hour moving average @ 1.3077 while gold is falling back under $1,960 and testing waters under its own 100-hour moving average:
Source: technical analysis