EUR / USD rallies as dollar erases earlier gains in session
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The dollar returns to the lower after a bit of a lead earlier, with commodity currencies climbing higher and the cable also rising above 1.4000.
Looking at EUR / USD, the price returned to little change around 1.2127 as buyers kept a defense of the 100 hour moving average (red line) to lows around 1.2091 earlier.
Price then pushed back above the 200 hour moving average (blue line) and this sees buyers establishing short term control over the session, although there is minor resistance closer to 1.2136-44 from last Friday’s highs at this time.
There is still modest resistance around 1.2150 on the daily chart and this will be the key line in the sand to watch if the dollar slips further to start the week.