EUR/USD buyers look to contest an upside breakout
The dollar is weaker across the board again today and after holding a break above the 100-hour MA (red line) yesterday, EUR/USD buyers are looking for a more meaningful break now.
Price is currently contesting a break above the 50.0 retracement level as well as swing region resistance around the 1.1000 handle and if buyers can hold above these levels, the near-term momentum will turn even more bullish.
That said, the caveat in all of this is once again US-China trade talks. If things go awry, we could see some safety flows play out and that may aid the dollar a little. However, that must be balanced against escalating tensions between the two countries that could affect the US economy and US firms further down the road.