Dollar continues its rebound on the day
The dollar is bid across the board with EUR/USD, AUD/USD, NZD/USD down to session lows and USD/CHF alongside USD/CAD pushing up to session highs.
Cable has also pared all of its earlier gains and is now lower on the day falling to 1.3250 levels currently after the release of softer UK data.
For EUR/USD, after the failure to move back towards a test of the 1.1800 handle the pair looks to be heading towards 1.1720 (61.8 retracement level) and a test of the 100-hour MA (red line) @ 1.1714 next.
The dollar's gains here are largely due to a rebound after buyers defended the 23.6 retracement level in the dollar index earlier as highlighted here. The 100-hour MA @ 94.26 will now be in focus as a key resistance level for buyers to try and break above.
