EUR/USD holds a little lower to start the session, creeping towards 1.2100
The dollar is holding steadier across the board but major currencies are mostly little changed, though EUR/USD is trading closer to the lows for the day at 1.2104 now.
Buyers managed to catch a break above key trendline resistance (white line) earlier in the week but there has been a lack of significant follow through since.
That level sits @ 1.2108 today and keep a daily close below that and sellers will start to regain some control in trying to wrestle back momentum in the pair.
The 1.2100 level is also one to watch from a psychological perspective with the 100-hour moving average sitting nearby at 1.2097. As such, a push below those levels will start to see the upside bias diminish even further ahead of May trading next week.
Looking ahead, month-end flows will be something to watch at the fix later in the day but not before we get US PCE deflator data at 1230 GMT.
On the former, Citi and Barclays are anticipating dollar selling (based on their respective models) this month-end so just be wary of that.
