Dollar pushes higher as risk turns more defensive to start European trading

Technical Analysis

Author: Justin Low | usd

Risk aversion is starting to kick in on the session

The dollar is turning higher now, with EUR/USD slumping to a fresh low of 1.1822 back below its 200-hour moving average as sellers are looking to seize near-term control.

EUR/USD H1 19-11
This comes as European equities turn lower alongside US futures, with the DAX now down by 0.9% while S&P 500 futures are down by 0.5% on the day.

Elsewhere, 10-year Treasury yields are also down by 2 bps to 0.85% currently.

The more defensive risk push is keeping the dollar and yen underpinned as we also see GBP/USD fall to test support close to 1.3200-10 currently and AUD/USD is also looking to slip below its 200-hour moving average of 0.7285, testing support @ 0.7272.

Meanwhile, USD/CAD has also risen back above 1.3100 as buyers look to push for a more bullish near-term bias on a break above its 100-hour moving average @ 1.3098.

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