However, it is not saying a lot in the grand scheme of things

The greenback sits higher on the day as it catches a bid across the board, with EUR/USD falling back below 1.2200 to 1.2180 and GBP/USD marked down to 1.4125.

That said, the moves are consistent with the recent push and pull in the major currencies space as the dollar continues to trend nowhere while keeping slightly vulnerable from a technical perspective (today's move helps a little though).

EUR/USD is seen easing back below its key hourly moving averages @ 1.2205-11 so at least this keeps sellers in near-term control now.

However, there is still some swing region support around 1.2170-75 before minor support is seen around 1.2160 and then the 28 May low @ 1.2133.

The latter in particular coincides with the 23.6 retracement level of the upswing since end-March so it is a key level to be mindful of. For sellers, they need to break below that to establish a fresh potential downside trend.

Looking elsewhere, the aussie and kiwi are also sitting lower on the day with AUD/USD easing towards 0.7720 now. That said, the pair remains in a rather sideways trading range for the most part – holding in between 0.7700 and 0.7800 for the most part:

AUD/USD H1 02-06

That pretty much exemplifies the lack of conviction in the FX market for now.

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