Well, the rise in EUR/USD was certainly faster than I thought. The pair is currently already moving to test water bodies above the 1.0700 mark. Currently, we test the daily resistance of the key from a 50.0 FIB retracement level of 1.0695 and immediately reach a 200-day moving average (blue line) at 1.0725.
EUR/USD Daily Chart
This happens when you look at the dollars that are offered in European morning trade and run all over the board.
USD/JPY fell 0.5% to 149.10, while GBP/USD now rose 0.4% to 1.2850. The AUD/USD has also recovered from a softer position in Asia, and has now dropped to 0.6235 to rise 0.2% at 0.6285.
It was a tough week for the dollar in general, to say the least. The more risk mood has never really been able to spark meaningful shelter bids in the greenback, but today's improved risk mood has fallen on the other side of the scale.
When it comes later, there is important US data that can help exacerbate the dollar's anguish or at least reduce some of the pressure. Changes in ADP employment and ISM Services PMI will be closely monitored on the upcoming day.
