The greenback nudges slightly higher in European morning trade
This comes as European stocks are accelerating losses with the DAX now seen down by 1.3% as we get things underway. Notably, cable is down to a session low of 1.2480 with price action falling back under its 200-hour MA (blue line) @ 1.2506.
Also, price is easing under its 100-day moving average at 1.2495 and keeping below that level will be a key point of contention for sellers in trading today.
For now, keep below the 200-hour MA and the near-term bias turns back more neutral with a push under the 100-day moving average @ 1.2495 to give sellers more conviction to try and test the 100-hour MA (red line) @ 1.2444 down the road.
The market is tilting a bit more defensive to start the session with the dollar and yen gaining some slight ground with EUR/USD seen back under 1.1300 and AUD/USD falling to a session low of 0.6912 from around 0.6940 levels earlier.
