The dollar recoups some losses in European mid-morning trade
The pair touched a high of 1.1384 earlier in the session before backing off a little to around 1.1350 levels but has now eased further to a session low of 1.1326.
Elsewhere, the dollar has also pared some losses against the pound and aussie with cable backing away from its 200-day moving average – falling from a high of 1.2690 to 1.2630-40 levels – while AUD/USD is now down to 0.6975 after testing waters above 0.7000.
USD/CAD is also seen bouncing off its 200-day moving average, just off lows of 1.3461 to 1.3480 currently.
There aren’t any major hints of a turnaround in sentiment and the moves could be due to profit-taking activity if anything else as we approach some key levels above.
The same can be said for the EUR/USD rally ahead of the weekend after having posted eight straight days of gains – the longest streak since 2011 (!).
For EUR/USD, buyers remain firmly in control and unless price action starts to threaten dipping back below 1.1300 and keeping a close under there, buyers are still in a good spot.