TECHNICAL ANALYSIS

The dollar slips a little further before European trade


EUR / USD climbs to a session high of 1.0830

EUR / USD H1 07-04

The greenback is weakening more and more as we get closer to the start of European trade today. The dollar is now trading at the lowest of the session against the euro, the franc, the loonie, the aussie and the kiwi – while also remaining at the lowest against the yen and the pound.

AUD / USD is expanding its gains to 1% due to the weak dollar, but also as the RBA says it could cut bond purchases if conditions improve.

EUR / USD hits a session high of 1.0830 and is experiencing short term resistance around 1.0828-38 at the moment. Additional resistance is then observed at 100 hours MA (red line) @ 1.0860, which is a key area for sellers to defend the bearish momentum.

So far, the dollar does not seem too hot to start the day despite some concern in risky trades. US futures erased gains to fall 0.5% earlier, but are returning to stable levels after yesterday’s strong gains on Wall Street.

For now, the weak dollar isn’t leading to much, but let’s see if there will be any changes in the near-term technical picture later today – especially against the euro.

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