Dollar bulls look to crack below the 100-hour moving average
The pair touches a low of 1.1706 now, with bids at the 1.1700 handle eyed now. Further support is only seen at the 50.0 retracement level @ 1.1680 and the 200-hour MA (blue line) @ 1.1675.
The move here is also a result of broad dollar strength as the greenback is at its highs for the day against the rest of the major currencies as well.
The break of the 100-hour MA (red line) is a vital step for sellers as it eliminates the near-term bullish momentum seen by buyers since the start of the month. And if sellers can hold a break below it in the next few hours, it bodes well for further downside momentum given that the dollar index is also looking to stretch gains further.
Update: And the 1.1700 handle gives way, low now at 1.1698.