Technical Analysis

Dollar slightly lower as the session gets underway

The push and pull continues to start the week

This time, the greenback is giving back some further ground as opposed to gains in Europe yesterday with EUR/USD moving up to a high of 1.1828.

The pair is pushing past its 100-hour moving average (red line) as buyers look to try and seize back some near-term control for now. Further resistance is seen closer to the 200-hour moving average (blue line) @ 1.1841.

Elsewhere, GBP/USD has also moved up from 1.3830 to 1.3865 as buyers keep a defense of the 1.3800 level in overnight trading.

The aussie is still the laggard though, with AUD/USD down 0.3% at 0.7343 amid more dovish remarks by RBA governor Lowe earlier in the day.

Despite the light action to start the session, trading sentiment today will largely be dictated by what the US CPI data later has to offer. Until then, stay nimble.

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