EUR/USD climbs to a session high of 1.0830
The greenback is seen weakening further across the board as we move closer to the start of European trading today. The dollar is trading at session lows now against the euro, franc, loonie, aussie and kiwi - while keeping at the lows against the yen and pound as well.
AUD/USD is extending gains to 1% on the back of softness in the dollar but also as the RBA says that it may taper bond purchases if conditions improve.
EUR/USD is up to a session high of 1.0830 and is running into near-term resistance around 1.0828-38 for the time being. Further resistance is then seen at the 100-hour MA (red line) @ 1.0860, which is a key area for sellers to defend the downside momentum.
So far, the dollar is not looking too hot to start the day despite some trepidation in risk trades. US futures have erased gains to fall by 0.5% earlier but are moving back towards flat levels, following the solid gains by Wall Street yesterday.
For now, the softness in the dollar is not leading to much but let's see if there will be any changes in the near-term technical picture later today - especially against the euro.
