EUR/USD moves towards a test of the 100-hour MA
The US dollar is the prime mover so far in European trading, leading the way against most major currencies - only sits behind the stubborn NZD.
That has seen EUR/USD fall to a low of 1.2331 on the day, breaking the 23.6 retracement level @ 1.2353 which has stemmed previous falls over the last two trading days.
The next test for the pair will be at the 100-hour MA (red line) which also coincides with support at the 38.2 retracement level @ 1.2327.
There isn't much catalyst for the move in the greenback today, it's mainly the market's way of saying "keep calm, and carry on" amid all the talks of geopolitical risks. Yesterday's hawkish tone by the Fed also doesn't do the dollar any harm during the interim.
