The dollar is not losing further ground in European morning trade
The dollar index is back to near unchanged levels on the day as the greenback is holding its ground amid quiet trading in Europe so far today. Again, just be aware that London markets are closed and we do have the US non-farm payrolls report still to come later.
Notably, EUR/USD is keeping under its 100-hour moving average to trade near unchanged levels now around 1.0820-30 while AUD/USD is off earlier highs to 0.6510 levels, backing off from a test of the 100-day moving average.
For cable, the story is kind of the same as EUR/USD as seen in the chart above.
Price action is keeping under the 1.2400 handle but notably also after the upside move stalled at the 100-hour MA (red line) @ 1.2402 currently.
That remains the key line in the sand for any further upside move in the sessions ahead.
Keep below and the near-term bias remains more bearish. Break above that and the bias turns more neutral with the battle shifting towards territory between the 100-hour MA @ 1.2402 and the 200-hour MA (blue line) @ 1.2445 instead.
