Dollar a little on the back foot as risk keeps slightly firmer to start the session

Technical Analysis

Author: Justin Low | eurusd

The dollar loses some ground across the board

EUR/USD D1 08-04
Of note, EUR/USD is pushing up to a high of 1.1889 and testing waters just above its 200-day moving average (blue line) once again @ 1.1882.

Buyers attempted a break of that level yesterday, briefly climbing above 1.1900 before settling lower at the end of the day. For today, just be mindful that there are also large expiries rolling off at 1.1900 that may limit further gains on the day.

Elsewhere, GBP/USD is also erasing some of its decline from yesterday in a push from 1.3740 earlier in the day to 1.3780 currently. Meanwhile, AUD/USD is trading to session highs of 0.7648 - looking to test near-term resistance @ 0.7556-64.

Even USD/JPY has fallen to a low of 109.52 on the day, breaching its 50.0 retracement level @ 109.69 as price eases to its lowest levels since last Monday.
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USD/JPY H1 08-04
The sluggish dollar sentiment comes as risk trades are faring better to start the session with European indices opening modestly higher and US futures also pointing to decent gains as we get things underway.

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