EUR/USD starts to trade back above its 100-hour moving average
The dollar slump today is the main story in the currencies market, as the greenback gives back some of the gains from the last week to start the European morning.
The greenback is falling amid a rally in risk trades, with European equities starting to turn the bear into a bull with the gains seen over the past two sessions.
For EUR/USD, the pair is hitting its highest levels since 2 April as price climbs to 1.0875 from around 1.0820 at the start of the session. Notably, price is now extending above its 100-hour MA (red line) @ 1.0855 currently.
Keep a break above that and the near-term bias will then turn more neutral.
As such, buyers will then be able to open up a new territory for price action between the key hourly moving averages with further resistance seen around 1.0900-19 before the 200-hour MA (blue line) @ 1.0944 comes into play.
