The greenback pushes higher to start the day
EUR/USD is now down to a session low of 1.1743 as the dollar is advancing slightly to kick start the session, though the trading range is still within 31 pips.
That said, there are a couple of isolated negative factors at play for most major currencies right now and that is helping the greenback to benefit.
The virus situation in Europe is starting to lead to concerns surrounding the pace of the economic recovery (✘ EUR), while the UK is drawing up plans for more virus restrictions to be announced later today (✘ GBP).
Meanwhile, we also saw more dovish comments by the RBA earlier today as well (✘ AUD).
Looking at the EUR/USD chart:
The pair is once again flirting with key technical support @ 1.1754 and a break below that will give sellers more conviction to chase a further downside move.
That said, a firm break under 1.1700 will be more convincing in my view. Should that happen, there is little stopping the pair from a major squeeze back towards 1.1500 potentially.
