EUR/USD buyers look to seize near-term control
EUR/USD is rising to a high of 1.0938 on the session, as buyers now look to keep a break above the 100-hour MA (red line).
That will turn the near-term bias in the pair to being more bullish, after having seen a bit of a fake break under the 200-hour MA (blue line) amid thin trading conditions yesterday.
The dollar is continuing to keep weaker alongside the yen in trading today, as the risk-on mood continues to reverberate across the market. Stocks are still rallying strongly with US futures still keeping gains of nearly 2% in European morning trade.
For EUR/USD, a return back above the key hourly moving averages sets up a good platform for buyers to start chasing further gains in the sessions ahead.
The key level to watch next will be the 100-day moving average @ 1.0960 before revisiting the 1.1000 handle again with the 200-day moving average nearby @ 1.1012.
Those will be key upside targets to watch with a break of the latter set to reinforce further momentum for buyers above 1.1000.