Dollar being offered as things start to pick up on the day
There isn’t anything on the wires to have kicked the dollar lower, but as mentioned earlier here the dollar index is starting to indicate that sellers are coming back into the picture. For the time being, this is an extension of the trading theme so far today – which has been rather mild to begin with.
The dollar index is now at session lows, down 0.2% as the dollar retreats to session lows against most of the major currencies. As for EUR/USD, the pair looks to be moving above yesterday’s high of 1.1409 now. The next key level to look at for resistance is the 38.2 retracement level @ 1.1426 and the week’s high @ 1.1433.
Following that, further resistance is seen @ 1.1456 at the 200-hour MA (blue line).