EUR/USD hovers at its highest levels since January

There was a bout of dollar weakness as European traders entered earlier, helped by the fact that USD/CNH fell below the 6.40 level to its lowest since 2018.

But since then, the dollar's decline has been kept in-check with not much of an extension seen. EUR/USD is trading around 1.2250-60 currently, holding at its highest levels since January with perhaps large expiries rolling off later limiting gains for now:

From a technical perspective though, buyers will need to secure a daily close above the 25 February high @ 1.2241 to establish a more solid platform for the next leg to follow.

Elsewhere, GBP/USD is up slightly to 1.4174 on the day but has backed off earlier highs of 1.4211 as the 1.4200 level still poses a challenge for buyers in general.



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