Dollar pares slight losses as the session gets underway

Technical Analysis

Author: Justin Low | gbpusd

The greenback trades higher as European traders enter the fray

The dollar has erased its earlier slight losses from Asia Pacific trading, and is now trading to a session high against the likes of the euro and pound in particular.

EUR/USD is down to a low of 1.1801 and sellers defended the 100-hour moving average earlier @ 1.1835 to now test the figure level. Meanwhile, GBP/USD has slipped to a low of 1.3004 and is running into a test of its 200-hour moving average:

GBP/USD H1 27-10
Elsewhere, the greenback has also pared losses against the aussie and kiwi for the most part. European stocks are keeping slightly lower after a mixed open but with the risk mood being more tepid and cautious, a firm directional break may be hard to come by.

However, amid the focus on virus jitters to start the week, that is still a considerable factor in trading for now so just be mindful in case dollar buyers try to make more of a play should we see risk sentiment stumble further during the session.

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