EUR/USD touches a high of 1.1580 now
A topsy turvy trading day sees the euro snap back from day's lows of 1.1527 to a high of 1.1580 now as the dollar falters. The 23.6 retracement level @ 1.1589 is eyed next for buyers but a broader move towards 1.1600 and the 200-hour MA (blue line) @ 1.1617 cannot be ruled out at this point.
The greenback continues to fall further after the dollar index posting a double-top pattern at the highs for this year and the rejection since has been favouring sellers for the time being. GBP/USD is also back above the 1.3100 handle now with USD/CAD slipping to session lows of 1.3309 on the day as well.
Keep in mind that month-end, quarter-end, and half-year-end flows are part of the mix here and all of that can make for added volatility in the market.
While all of this is going on, European equities have been under pressure once again after paring some of its earlier losses. As a result, Treasury yields have also slipped a little and that's pinning down USD/JPY too - with the pair now down a little to 110.23.
