EUR/USD advances as the dollar is marked lower on the day

The pair is trading up to fresh highs in nearly a month, pushing to 1.1969, as the dollar struggles to find its footing to start European morning trade.

Buyers look to be firmly in control but there are some notable headwinds in chasing the next leg higher for the pair at the moment.

From a technical perspective, the 50.0 retracement level @ 1.1974 is the first key level before the resistance region @ 1.1990-00 comes into play.

The latter in particular will offer a stern test for buyers with the ‘ECB factor' also one to consider in case they start to chime in with verbal remarks on the euro currency again.

On the week, there are also quite a decent chunk of expiries seen at 1.1950-70, so that may yet also hold price action below the 1.1990-00 level going into tomorrow.

That said, the dollar looks rather vulnerable across multiple charts right now and that may be enough to tide EUR/USD buyers through in chasing further upside momentum.

A breach above the 1.1990-00 region will see the 100-day moving average (red line) in focus and that level is seen @ 1.2049 currently.

As for sellers, there is much work to be done but holding the 1.1990-00 region is the first key step. In terms of seizing back some momentum, they need to work their way back towards 1.1900 so that indicates the degree of which buyers are in control now.

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