Technical Analysis

Dollar pares slight losses as the session gets underway

The greenback trades higher as European traders enter the fray

The dollar has erased its earlier slight losses from Asia Pacific trading, and is now trading to a session high against the likes of the euro and pound in particular.

EUR/USD is down to a low of 1.1801 and sellers defended the 100-hour moving average earlier @ 1.1835 to now test the figure level. Meanwhile, GBP/USD has slipped to a low of 1.3004 and is running into a test of its 200-hour moving average:

Elsewhere, the greenback has also pared losses against the aussie and kiwi for the most part. European stocks are keeping slightly lower after a mixed open but with the risk mood being more tepid and cautious, a firm directional break may be hard to come by.

However, amid the focus on virus jitters to start the week, that is still a considerable factor in trading for now so just be mindful in case dollar buyers try to make more of a play should we see risk sentiment stumble further during the session.

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