EUR/USD trades at the highs at 1.2045-50 currently
The dollar is slightly on the backfoot to start European trading and that is underpinning EUR/USD higher, with the euro also helped by a more positive French PMI report.
That said, the move is more so about the dollar as we get things underway, with a softer greenback helping to see EUR/USD move closer to test stiff resistance at its 100-day moving average (red line) @ 1.2052 once again.
That remains a key line in the sand limiting any major upside push on the daily, although buyers have now seized back near-term control in a push above the 100-hour moving average @ 1.2031, so at least there’s that.
But to gain any further upside momentum, a close above the 100-day moving average is much needed before looking towards the resistance trendline near 1.2120.