In the bigger picture, there is still some work to get below the December lows around the region of 148.65-00. That's a key test for sellers as they look to stick with the downside momentum since the turn of the year.
10-year yields in the US are now down to 4.375% and that is contesting a break of its 100-day moving average of 4.38%:
All that being said, it's going to be rather tricky in reading into the moves this week. For one, the risk mood is also looking more on the defensive but then we still have Nvidia's earnings tomorrow.
Then, there's also month-end flows to consider this week with the dollar mood already keeping rather mixed in general.
However, as seen above, there now needs to be that break of the support region of 148.65-00 to really accelerate any further downside pressures in the pair. And that might not come by so easily unless the bond market plays ball this week.
This article was written by Justin Low at www.forexlive.com. Read More Details
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