Dollar keeps on the back foot to start the session

Technical Analysis

Author: Justin Low | eurusd

The dollar lags behind the major currencies basket on the day

EUR/USD D1 03-06
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EUR/USD is taking a peek above the 1.1200 level as we get things going, last seen doing so back in 16 March or two-and-a-half months ago. Buyers continue to sit firmly in control and are looking towards the swing region closer towards 1.1239 potentially.

This comes as the dollar continues to lag since trading last week, with the risk mood in the market keeping more upbeat once again today.

Elsewhere, cable is also trading higher just under the 1.2600 handle and above its 100-day moving average. Meanwhile, AUD/USD is still looking perky and came close to testing the 0.7000 handle earlier in Asia Pacific trading - hitting a high of 0.6983.

The movement over the past few hours have been more modest, with the dollar keeping losses and staying on the back foot. And so far, there is little suggestion on a shift in the narrative as we get things going in European morning trade.

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