Retraced to 61.8% of the move up in April
The EURUSD moved to a new session low after the better than expected US retail sales and jobless claims data. THe pair moved to a low of 1.12373. That was just ahead of the 61.8% retracement of the April low to high trading range at 1.12367. The current price is back up to 1.1243.
On more downside the next target would be the April 10 swing low at 1.1229. Below that traders will be looking down toward the 1.1206 – 09 area (swing levels from April 4 an April 5).
On the move lower, the pair is moving away from the 50% midpoint of the people range at 1.1253. That will now be eyed as close risk for sellers if the trend is to contiinue.
Stocks are a bit higher and yields are also higher (still negative on the day) but not running away after the better data. The Dow is up 19 points. The S&P is up 0.8 points. The NASDAQ is down -5.47 points. The 10 year yield is still down -2.3 basis points at 2.570%.
