EURUSD continues move lower after better US data

Technical Analysis

Author: Greg Michalowski | dollar

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.

Retraced to 61.8% of the move up in April

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%.

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