EUR/USD rises to a session high of 1.0885
The dollar is continuing to keep softer on the session, as we see EUR/USD rise to a high of 1.0885. Cable is also up nearly 100 pips on the session to 1.2385 currently.
In the case of EUR/USD, price is starting to break free of the 100-hour MA (red line) and the near-term trendline resistance as buyers eye the 200-hour MA (blue line) next.
There is a couple of minor resistance points to also look out for around 1.0897-06 so just be mindful about that alongside the 200-hour MA @ 1.0895.
That said, I would still regard the latter as the key near-term level to watch right now.
As price action sits in between the key hourly moving averages, the near-term bias is more neutral. As such, the next directional move will come from a break on either side of that.
For now, risk is faring better on the day with US futures still up by just over 1%. That is keeping the dollar slightly softer, but let’s see if there will be any more oil jitters or other events later in the day that could mess up the picture.