The dollar is once again finding deals in European morning trading, as it moves higher in today’s session. USD/JPY was one of the first to move, surging above 153.00, but other dollar pairs are now moving as the greenback continues to remain supported.
GBP/USD was down 0.4% at 1.3343 and USD/CHF was up a further 0.2% at 0.8030 on the day. But on the contrary, keep an eye on EUR/USD as it is currently starting to approach the 1.1600 mark:
EUR/USD daily chart
The pair is only down 0.2% so far, with significant option expiries at 1.1600 perhaps helping to follow the line. However, sellers are trying to make a move by challenging a breakout below the 100-day moving average (red line). This will be the first time since March that price action has threatened to break either of its major daily moving averages.
This is a very notable development, as it would signify the end of the more bullish bias established over the last six months or so.
Furthermore, the decline in GBP/USD also appears to threaten September’s double low around 1.3323-33 and NZD/USD is also once again heading towards a test of the September low of 0.5754. The latter is currently down 0.4% at 0.5763 after surviving a daily close above the support level indicated yesterday.
So, dollar pairs are definitely starting to move, even though things have been a little quieter this week.
