There's not much reprieve for the dollar so far today, as the slump from yesterday continues to play out. The greenback is lower across the board and we are seeing some key technical levels give way. I've highlighted two for USD/CAD and GBP/USD earlier.
But one of the more significant ones is arguably the breakout in EUR/USD this week:
The pair has finally shaken off its range since mid-November in a push above 1.1400. Adding to buyers' momentum is also a break of trendline resistance at around 1.1450 and that is seeing buyers extend the push higher.
The next key target is the 1.1500 level with the 100-day moving average (red line) @ 1.1508 adding to the resistance layer. I reckon we could see a brief pause there but if buyers do see conviction to push beyond that, that could spell more trouble for the dollar across the board in the days/weeks ahead.
