The EURUSD moved up to retest its 100 hour moving average in the European session and for the third day in a row found sellers against that moving average level (blue line in the chart above). The falling moving average currently comes in at 1.1220. It would take a move back above that level to tilt the bias more in favor of the buyers.
The subsequent fall today as seen the price moved down to retest the lows from yesterday at 1.11414. The low price today just reached 1.11397 and has bounced higher to 1.1159 currently. Holding the level, increases the levels of importance going forward. Dip buyers may look to lean against it in hopes to push back to the upside.
On a break below the 1.1141 level with momentum would have traders targeting the January low at 1.11207. Last week on Thursday, the price made a new 2022 low at 1.11056. That was also the lowest level going back to the end of May/early June in 2020. However the break was short-lived and the price snapback higher.
US stocks are rebounding off their lowest levels in US premarket trading:
- S&P is down -15.19 points
- Dow industrial average is down -124.6 points
- NASDAQ index is currently down -59 points
US yields remain lower but off their lowest levels. The two year yield is at 1.358%. The low yield reach 1.271%. The tenure yield is at 1.786% after trading as low as 1.714%.
Crude oil remains sharply higher with the current price trading at $100.81. That's up $5.12. The high price today reached $101.53. That is a new cycle high and the highest level since July 2014.
