February 8, 2023

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EUR/USD keeps higher amid a weaker dollar but still faces stiff technical resistance for now

1 min read

EUR/USD trades at the highs at 1.2045-50 currently

EUR/USD D1 23-04
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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.

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