The USD is trading higher against the major currency pairs today, but both the EURUSD and GBPUSD have rebounded from earlier session lows, allowing buyers — or dollar sellers — to regain some short-term control.

In the EURUSD, the pair gapped lower during the Asian-Pacific session, but downside momentum began to stall as the price approached the rising 100-hour moving average, currently near 1.17455. Buyers leaned against that key support level, helping to stabilize the pair. During the European morning session, the price pushed higher and tested the highs from Thursday and Friday, where sellers once again slowed the advance.

On the topside, key resistance remains in a swing area between 1.1784 and 1.1795. A break above that zone would strengthen the bullish bias and open the door for a move toward 1.1823–1.1836, followed by the April high near 1.1848.

The USDJPY has been supported for most of the session as both US yields and crude oil prices moved higher. The pair climbed above its 100-hour moving average at 156.81, but remains below a more important resistance cluster that includes the 200-hour moving average and the 100-day moving average near 157.36. The 38.2% retracement of the rally from the February 12 low comes in at 157.50, adding another resistance target for buyers.

On the downside, a move back below the 100-hour moving average at 156.81 would shift focus toward the 50% retracement level at 156.50. Below that, the next key downside target comes in at the 61.8% retracement near 155.50.

The GBPUSD remains under pressure largely due to growing political uncertainty in the UK after local election results dealt a significant setback to Prime Minister Keir Starmer and the ruling Labour Party. However, despite brief breaks below the 100-hour moving average — currently at 1.35893 — buyers repeatedly stepped in to support the pair. Another test of that moving average during the European morning session again attracted buyers.

For sellers to gain more control, the price needs to break decisively below the 100-hour moving average and then below the 200-hour moving average at 1.35677. Without that break, buyers retain the near-term edge. On the topside, a trend line connecting recent highs comes in near 1.3627. A move above that level would target the highs from recent weeks near 1.3643, followed by the April high at 1.3657.