Dollar stays in retreat mode so far on the session

<p>We are seeing the ranges for the day stretch out a bit, with the dollar losing further ground. EUR/USD is up 0.4% to 1.1130 while GBP/USD is up 0.3% to 1.2980 currently. USD/JPY itself continues to be volatile and swingy but is keeping just slightly lower near the 140.00 mark.</p><p>Meanwhile, AUD/USD is still holding its early gains as seen <a href="https://www.forexlive.com/news/audusd-holds-early-advance-today-but-still-respecting-key-levels-in-the-big-picture-20230727/" target="_blank" rel="follow">here</a> – up 0.8% to 0.6810 currently. And USD/CAD is down 0.3% to 1.3170 as oil prices are also pushing higher with WTI crude setting its sights on the $80 level.</p><p>The euro is going to be a focus point today with the ECB coming up and despite the slight advance here, the near-term chart shows that the bias remains more neutral for now:</p><p>Price action is sitting in between both the 100 (red line) and 200-hour (blue line) moving averages, so both buyers and sellers are still battling it out. Adding to that, just be mindful of <a href="https://www.forexlive.com/Orders/fx-option-expiries-for-27-july-10am-new-york-cut-20230727/" target="_blank" rel="follow">large option expiries</a> layered between 1.1100 to 1.1150 for the pair as that could keep price action more limited as well before the ECB later.</p>

This article was written by Justin Low at www.forexlive.com.