Dollar index shakes off the 100-hour moving average
EUR/USD is down to a low of 1.1705 nearing a test of the 1.1700 handle while we're seeing the dollar at the highs against all major currencies as well. GBP/USD just touched a low of 1.3249 while AUD/USD and NZD/USD touches a low of 0.7398 and 0.6804 respectively.
There isn't any specific headline for the move but mainly a follow through as the dollar bulls continue to hold off near-term momentum from breaking in trading today.
The dollar index has been flirting with the 100-hour MA (red line) for the most part and further support at the 94.14 level has helped to provide a base for buyers to bid the dollar higher.
Risk-off tones in the market are helping with some flows, but the move here appears to be more dollar-related than because of risk sentiment.
Next up for dollar bulls is a retest of yesterday's highs near the 38.2 retracement level @ 94.40 and the 22 June low @ 94.42. After which will be the 200-hour MA (blue line) @ 94.50.
So far, the dollar is still sustaining a bounce following a bounce off the retracement level highlighted on Monday here and that momentum is continuing today.