EURUSD breaking lower on Draghi comments
The EURUSD is trading lower on the back of the Draghi comments in his press conference. The momentum lower seemed to start after comment that risks were still to the downside.
Technically, the price fell back below the January low at 1.07086. The 100 hour MA was also near that level at 1.07108. The price also fell below the 200 hour MA at 1.0666 but we are now recovering above that level. The range is a healthy 217 or so pips so far. The next target on the downside is the 100 bar MA on the 4-hour chart. It is also the 61.8% of the move up from this weeks Monday low.
The fall in the EURUSD comes while the German 10 year yield rises. HMMMM. It is up about 10 basis points at the moment US 10 years are up about 7.6 basis points currently. Other yields in Europe are also higher.
- Germany 0.443%, +9.7 BP
- France 0.834%, +7.2 BP
- Italy 2.024, +13.7 BP
- Portugal 3.596%, +8.4 BP
- Spain 1.542%, +12 BP
In the US 10 year yield is at 2.415%, +7.5 BP
