EUR/USD climbs to session highs as dollar, yen slips

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EUR/USD touches a high of 1.1656 on the day

There’s no headlines that I can see to have caused a sudden weakness in the yen and the dollar simultaneously. GBP/USD also touches a high of 1.3097 while AUD/USD and NZD/USD climbs to session highs of 0.7173 and 0.6565 respectively as well.

There’s a bit of a spike in E-minis as well so it appears to be more of a risk-related move more than anything else but again it’s not really assisted from any headlines that I can see.

European equities are also paring earlier losses on the day with only the DAX now trading in the red. Other indices have turned the corner so there’s a bit of a shift in risk sentiment and that’s helping with flows out of the dollar and the yen.

As for EUR/USD, price has moved higher after testing the 200-hour MA (blue line) earlier and now trades back above the 100-hour MA (red line) @ 1.1634. That means near-term price bias is more bullish.

The next step for buyers is to hold above the swing region resistance at 1.1650. Move above that and the next level of focus will be the 100-day MA @ 1.1673 followed by the 1.1700 level where large expiries lie – so that may cap gains on the day ahead of US trading.

This article was originally published by Forexlive.com. Read the original article here.