EUR/USD buyers looking for a nudge above 1.1300 again
Buyers are making some good strides on the day, breaking away from the key hourly moving averages and back towards the high last week near the 1.1300 handle.
The latter is proving to be a stubborn resistance point as we get European trading underway, with further resistance then seen closer to a minor swing region at 1.1325 and then at 1.1350 next - if buyers can hold a firm break above 1.1300 that is.
The push higher is coming on the back of a more positive risk backdrop, with European equities nearing one-month highs at the moment. The mood is bolstered by a surge in Chinese stocks, with the Shanghai Composite and CSI 300 indices rising by over 5%.
As such, the dollar is weaker across the board alongside the yen and that is underpinning EUR/USD on the day.
A firm break above 1.1300 will be a good platform for buyers to build on after two weeks of rather choppy price action between 1.1200 to 1.1300 for the most part.
Looking ahead, there is little to distract from the risk mood but with China markets closed now, it will be over to whether or not European and US investors can carry the risk-on torch in the sessions ahead amid rising concerns of coronavirus developments as of late.
