It is tough to make sense of the market movement so far in the European trading today.
Risk is slightly on the back foot, with there being a rotation back into tech again as Nasdaq futures are up by ~0.4% while S&P 500 futures are slightly lower and European equities are looking more tepid and mixed in trading so far.
The Tesla inclusion in the S&P 500 index this December may play a small part but this move looks somewhat similar to the fade last week after the vaccine optimism.
US Treasury yields are also a little lower at the long-end, with 10-year yields down 1.3 bps to 0.893% but the dollar is being pressured slightly in the currencies space.
EUR/USD moved up to a session high of 1.1876 as buyers continue to keep near-term control but gains are still not really going anywhere with the 1.1900 handle intact.
As mentioned earlier, there are large expiries at 1.1850 and 1.1900 and that could very well keep price action anchored between these levels until later today.
Elsewhere, GBP/USD is also inching back up towards 1.3230 levels but there is still minor resistance around 1.3234-43 before getting to the 1.3300 handle.
AUD/USD has also moved off lows close to 0.7300 to 0.7325-30 currently, but there is also resistance from last week's high at 0.7340 that is limiting gains.
USD/CAD is little changed around 1.3080 as buyers are still keeping a defense around the 200-hour moving average at 1.3069 for the time being.
Meanwhile, NZD/USD buyers are still relatively indecisive as they are unable to firmly target a break above 0.6900 - similar to trading last week.
To sum up, the dollar is being stretched but not really breaking any key technical levels to suggest a breakout in momentum for the time being.