EUR/USD touches a session high of 1.1579 as the dollar weakens further
The dollar continues to slip further across the board as Chinese equities push higher still into the close at the top of the hour. The Shanghai Composite is at session highs now up by 2.6% while the CSI 300 index is up by 2.8% currently.
This has seen EUR/USD push beyond yesterday's high of 1.1570 and buyers are now eyeing a move towards the 1.1600 handle.
Offers and the 100-hour MA (red line) currently lie there so that will be an area where sellers will lean on as the first line of defense. Just above it at 1.1610 there is the Friday high acting as a resistance level as well.
Beyond that, the 200-hour MA (blue line) will be the next key level to look out for to the topside. That currently sits at 1.1641.
As the dollar slips a little now, questions will be asked of dollar bulls after the dollar index failed to breach the 95.50 level in overnight trading once again. Each and every time the dollar index fails at the level mentioned, it causes some concerns about the upside momentum seen since mid-April.
That momentum isn't gone just yet but for now, that level is continuing to put a strong cap over the dollar's upside.
