EURUSD catches a bid after US CPI data as flows out of USD continue

The EURUSD EUR/USD The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be Read this Term has moved back above its 100 hour moving average (blue line in the chart above) at 1.08861 as traders breathed a sigh of relief and sell the US dollar US Dollar The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel Read this Term after the CPI data.

Recall, the pair moved below that moving average level in the NY session yesterday and stayed below. The lower swing area between 1.0863 to 1.08728 acted as support.

In the European session today, the price moved below the lower swing area and tried to stay below it ahead of the CPI. However, the data pushed the price back above that swing area and is now trading back above the 100 hour moving average as well.

Sellers are shifting back to the upside and traders will now be watching/using the 100 hour moving average as close support/risk. More conservative risk will be once again back at the 1.0863 – 1.08728 area. The sellers had their shot. It is the buyers turn to see if they can keep control and do more upside probing today.

The upside targets include the high from yesterday at 1.09325. And a swing area between 1.0938 and 1.0944. The falling 200 hour moving average currently comes in at 1.0948.

• S&P index is up 49.72 points.
• The NASDAQ is index is up 262 points
• June E-mini S&P futures are up around 47 points or 1.05%