Modest strength in the dollar in European morning trade
The dollar is posting a modest advance on the session currently as EUR/USD is seen down 0.5%, slipping from 1.2320 to 1.2267 currently. Of note, the pair is breaching below its 100-hour moving average (red line) @ 1.2280.
Keep below and the near-term bias switches to being more neutral as price action tests the lows yesterday @ 1.2266 and near the 200-hour moving average (blue line) @ 1.2262.
The greenback is holding its ground in trading so far today but I'd be mindful of the early gains as things could easily switch when we approach US trading later.
Higher yields may be finally translating to some short-term bids in the greenback but let's see if dollar buyers have the technical appetite to push for stronger gains.
Elsewhere, USD/JPY is also up to a session high of 103.58 while AUD/USD is down 0.6% to 0.7753. On the latter, the 100-hour moving average is the first key near-term level to watch and that rests at 0.7736 currently.
