EUR/USD hits 1.1200 as dollar loses further ground on the day
EUR/USD is knocking on the door of a move above the 1.1200 handle
Uh oh, the dollar seems to be in danger right now. EUR/USD is on the verge of a near-term break higher as price is testing the 200-hour MA (blue line) and buyers are attempting to establish a more bullish near-term bias.
The greenback has also retreated across the board as cable also touches a high of 1.2979 as price breaks away from the similar near-term resistance level (now more bullish). We're also seeing a similar potential near-term break in USD/CHF:
Price is looking to crack below the 200-hour MA there and establish a more bearish near-term bias with further support seen closer to 1.0169.
Back to EUR/USD, the overall moves here are pointing towards a breakdown in dollar momentum and if price holds a break above the 1.1200 handle, buyers could potentially capitalise on a further retracement as they squeeze more shorts along the way.