Dollar loses a bit of ground to start the session

Technical Analysis

Author: Justin Low | eurusd

EUR/USD climbs to a session high of 1.1735

There is some light pushing and pulling to start European morning trade as the dollar gives up its mild gains from earlier in Asian trading to sit a touch lower against most major currencies, except for the yen currently.

That said, even USD/JPY has pared gains from 110.97 earlier to 110.68 now.

Meanwhile, EUR/USD is seen pushing up from 1.1710 to 1.1735 but the technical picture is little changed overall as sellers are still well in control.

EUR/USD D1 31-03
The daily chart still points towards more potential pain for EUR/USD with sellers to eye a push towards the September and November lows near 1.1600.

Month-end and quarter-end flows may see more noisy price action today but we'll see how that impacts the technical outlook before reassessing. For EUR/USD, as long as price keeps below its 100-hour moving average @ 1.1767, sellers are firmly in the driver's seat.

The 1.1800 handle will be the key barrier to watch as well as the 200-hour moving average @ 1.1824 if buyers are to try and reverse sentiment in the pair.

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