Dollar pares gains on the day as risk keeps in a better mood

Technical Analysis

EUR/USD inches towards a session high of 1.1775

EUR/USD H1 12-08
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The dollar is trading at the lows for the day as it pares gains across the board, with EUR/USD rising to a session high of 1.1775. AUD/USD is also nearing flat levels on the session in a move to 0.7140 from around 0.7120-30 earlier.

The dollar index is now flat – a little lower in fact – on the session.

US futures are keeping more positive, with S&P 500 futures up by ~0.8%, and European indices are also holding on to slight gains for the most part on the session.

Elsewhere, precious metals are faring better after an ugly start to the day. Gold is up by 1% to $ 1,932 but off the highs earlier of $ 1,949 after having dropped as low as $ 1,863 in Asian trading. Silver is keeping near 4% gains at around $ 25.75 currently.

Back to EUR/USD, price is rebounding after nearing the support region over the past two weeks close to 1.1700-15. But sellers still keep near-term control as price action is keeping below the key hourly moving averages @ 1.1787-95.

That will be the key resistance region to watch should we see the dollar keep lower in the sessions ahead.

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