Dollar keeps slightly softer ahead of European morning trade

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The greenback is the laggard to start the day

EUR/USD is running into a test of its 100-hour MA (red line) as we look to get into European morning trade, with buyers attempting to wrestle back near-term control in the pair after the shove lower yesterday fell short of testing the 1.1800 level.
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Meanwhile, GBP/USD buyers are also keeping some degree of control in limiting any downside move closer to 1.3000 and the 200-hour MA (blue line). However, gains are also more limited closer to 1.3075 with the near-term bias seen more neutral for now.

The 100-hour MA (red line) @ 1.3070 and trendline resistance close by will also offer some added resistance to buyers, should they chase a further move higher.

Elsewhere, AUD/USD is still keeping a more bullish near-term bias above its key hourly moving averages but buyers are not really able to push firm gains beyond 0.7150-58.

The ranges today are still relatively modest, with the dollar reversing some of its advance from trading yesterday. Major currencies largely shrugged off the drop in equities and with the risk mood looking more tepid today, investors may have little to work with for now.

The dollar is keeping weaker as there is more of a sense of calm (or it could be that there is just a lack of conviction ahead of the election next week), but just be mindful of the technical levels above in case we start to see more extensive moves in the session ahead.

This article was originally published by Forexlive.com. Read the original article here.