EUR/USD touches a high of 1.1419 on the day
The dollar is beginning the session a tad weaker against the pound and the euro particularly with EUR/USD extending north of the 1.1400 handle while GBP/USD rises to a high of 1.2912 moving above the 1.2900 handle.
Despite breaking below the figure level, EUR/USD sellers have been unable to build on that for a move to test the year’s lows at 1.1301. There is the added element of uncertainty coming from the ECB and Draghi’s appearance later so we could be seeing some covering of shorts ahead of that.
But with price continuing to hold below the two key hourly moving averages, the near-term bias remains in favour of bears still. Right now, there is some minor resistance seen around the 19 October low @ 1.1433 before the 100-hour MA (red line) will be called upon.
In the bigger picture, the mini bounce off levels just below 1.1400 means little unless the ECB and Draghi offers the euro a helping hand to secure a daily close above 1.1450: