Technical Analysis

Dollar pares slight losses to start the session

Optimism is fleeting in Europe as the session gets underway

Regional equities are looking rather unsettled to start the day, paring back its opening gains and still looking choppy for the most part to kick start the session.

In the currencies space, the greenback is recouping its slight losses from earlier and is trading closer to flat levels across the board but is advancing notably against the euro.

EUR/USD is now down to a session low of 1.1725 after consolidating around 1.1740-50 earlier. Sellers are still in near-term control and yesterday’s lows around 1.1718-25 will be the next support region to watch before 1.1700 comes into play.

Although stocks may well retrace some losses from trading yesterday, the overall risk sentiment remains more fragile at this point in time.

It will be a real test of dip buyers’ resolve ahead of the weekend but amid election risks, I find it hard to imagine a meaningful rally in the near-term.

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