The greenback runs into offers at the start of European trading
EUR/USD rises to a high of 1.1700 on the day and is meeting some resistance at the figure level currently. The dollar is a little weaker across the board but the euro and swissie are the two currencies which are taking full advantage of that.
The euro is also trading up to 11-month highs against the pound, as mentioned earlier here.
Cable is basically flat on the day currently while the aussie and kiwi are well off the lows posted earlier in the day against the dollar as well.
For EUR/USD, resistance and offers at 1.1700 will be the key to watch; there's also large expiries sitting here too. That could see price action capped around these levels for the time being until the next catalyst kicks in or until the next large wave of bids come in.
As mentioned earlier, momentum is still with buyers and a move above 1.1700 will fuel further conviction to the upside. Key resistance levels from here are 1.1709 (38.2 retracement level on D1), 1.1728 (August 2017 swing low), 1.1750 (July swing highs), 1.1762 (100-day MA).
