EUR/USD up to a high of 1.1615 on the day
The dollar is a little weaker across the board, with USD/CHF falling to session lows of 0.9957 while other major currencies are also inching a little ahead of the greenback now. The dollar index is at session lows for the day - paring all gains posted earlier.
EUR/USD now moves towards a test of the 23.6 retracement level from Thursday and Friday's decline @ 1.1616. The level helped to stall a bounce on Friday although it was broken for a brief period but there was no firm follow through.
Look out for resistance between here and the Friday high at 1.1627 as these will be key near-term levels for any upside move. A break of the above levels will open up a move towards offers at the 1.1650 handle and the 38.2 retracement level @ 1.1661.
Looks like the market is largely shrugging off the political situation in Germany, as it appears to be very much isolated to stocks as the DAX is down 1.3% on the day currently.
