EUR/USD looks towards 1.1500 again
There's notable dollar weakness across the board, though nothing major yet but it could turn into a bit of a broad-based slump once key technical levels start to give way. For EUR/USD, that will be the 1.1500 handle. Price now trades to a high of 1.1472, just shy of the swing region resistance around 1.1475.
Thereafter, resistance and offers at 1.1500 will come into play. The decline in the dollar owes quite a bit to sentiment in my view. The start of the week presented chatter on the Fed reaching a rate hike ceiling and possibly pausing the tightening cycle. Then, yesterday's housing data wasn't too encouraging. And we're seeing more of a follow through from that sentiment today so far.
The near-term bias for EUR/USD remains more bullish for now and the 1.1500 handle will be key. Hold a break above that and price will be looking towards a test of the 100-day MA again @ 1.1559.
