EUR/USD buyers looking to push the upside momentum further
The dollar is among the weaker performers today but is seen trimming declines against the euro, with the yen now leading losses as Treasury yields keep a little higher.
Of note, EUR/USD is continuing to trade around its 100-day moving average (red line) @ 1.2053 as buyers are flirting with a break of the key resistance level.
Keep below and the upside momentum remains capped for now but hold a firm break above and that opens up the path to a potential move towards 1.2200.
But before the upside momentum gets too carried away, there’s also trendline resistance seen closer to 1.2130 currently that may hinder buyers’ progress.
It is still all about the technicals so far but keep an eye on Treasury yields in case it continues to prop higher and help to ease some of the dollar’s recent woes this month.