Dollar gains slight edge going into European trading

EUR/USD eases to fresh two-week lows of 1.1790

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The greenback is starting to flex its muscles a little on the new week, as it pushes slightly higher across the board now with light gains against the euro and pound.

EUR/USD sees sellers keep near-term control as price action keeps below the key hourly moving averages but we’re also seeing a potential break below 1.1800 on the day.

Of note, price is looking towards the 50.0 retracement level of its recent upswing @ 1.1786 will keep the dollar bias more favoured going into tomorrow’s US CPI report.

Elsewhere, GBP/USD is down 20 pips to 1.3818 while both AUD/USD and NZD/USD are down 0.2% to 0.7337 and 0.7100 respectively.

Technical Analysis

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