Although yields remain near their lows for the day, the EUR/USD has erased all its earlier gains, with the pair recently reaching a low of 1.02867—just above the intraday low of 1.02858. The pair had spiked higher following the CPI data, targeting the swing area between 1.0332 and 1.0343, as well as the 38.2% retracement of the December high at 1.03494. Momentum pushed the price to a high of 1.03538, but it quickly reversed lower.
Over the past few hours, selling pressure has intensified as the pair failed to sustain levels above the key targets. The price has now dropped below the 200-hour moving average at 1.03037, which served as a pivotal level before the data release. This shift below the 200-hour moving average tilts the bias in favor of sellers in the short term.
A break below the day’s low at 1.02858 could open the door for a move toward the 100-hour moving average at 1.02676.
Looking at yields they still remain lower:
2 year 4.289%, -7.6 basis points5- year 4.468%, -12.1 basis points 10 year 4.669%, -11.9 basis points30 year 4.85%, -9.9 basis pointsUS stocks are holding onto solid gains but off their high levels:
Dow industrial average up 548 points or 1.29%. At session highs the index was up 751 pointsS&P index up 75.53 points or 1.30% at 5918.82. At session rise index was up 107.84 points. NASDAQ index up 338 points or 1.79% at 19384. At session highs the index is up 452 pointsIs the EURUSD retracement(and USD retracement) a concern? Something is not right.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about eurusd sellers take back control and erase all the gains was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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