But sellers are still winning the war
The dollar index is down by more than 0.4% on the day, as sellers drive the greenback lower following gains in the euro and other major currencies on the back of more positive risk sentiment.
However, the downside move appears to have stalled at the 100-hour MA (red line) as buyers defend the key near-term level and prevent sentiment from shifting towards the bearish side.
Price is now moving back up above the 200-hour MA (blue line) and buyers will look now to hold that in order to limit the damage seen on the day at the very least.
It's still too early to call a complete reversal yet, but the longer it holds above these key near-term levels the more incentive there is for buyers to fade the earlier downside move.
As the dollar creeps higher, we're seeing a stall in EUR/USD as the pair now falls to 1.1634 after hitting a high of 1.1666 earlier. Meanwhile, GBP/USD is back down near the 1.3100 handle again after touching a high of 1.3129.
