EUR/USD trades to session highs of 1.1795
The dollar and yen are the laggards on the day as risk sentiment is keeping firmer since Asian trading today, with European indices holding modest gains while US futures are also keeping a slight advance on the session.
Treasury yields are higher though, so that is weighing a little more on Nasdaq futures in the past hour or so, while the yen is being floored as a result as well.
Going back to the dollar, we are seeing EUR/USD push to fresh highs on the day at 1.1795:
Sellers managed to break below 1.1800 yesterday but there hasn’t been much follow through just yet. The chart isn’t looking too pretty upon the break but if buyers can push price back above 1.1800 into the close today, that’s a big step in stopping the bleeding.
That said, sellers are still largely in control of price action for the time being with price keeping below its 200-day moving average (blue line) @ 1.1857. It is a similar story for the near-term chart as price holds below the 100-hour moving average @ 1.1847.
If sellers can keep below 1.1800 today, it still keeps the potential for a continued downside run towards the September and November lows closer to 1.1600.