Dollar a little on the backfoot to start the session

Author: Justin Low | Category: News

EUR/USD trades back above the 1.2100 level

EUR/USD H1 14-05
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The greenback is slightly on the backfoot as we get things going in European morning trade, as major currencies look to stretch the ranges for the day.

Of note, EUR/USD is moving back up above 1.2100 to 1.2110 now though there is still some near-term resistance from the 100-hour moving average @ 1.2118.

As price action rests in between the key hourly moving averages, the near-term bias holds more neutral for the time being.

Likewise, cable is seeing a similar price action play as the spot price holds in between the key hourly moving averages @ 1.4003 and 1.4094.

Commodity currencies are also posting a slight advance against the greenback but nothing too overwhelming so far to start the session.

The risk mood is keeping rather firm with European indices opening with solid gains, as US futures are also marked higher. S&P 500 futures are up 0.6%.

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