EURUSD retracing the gains and now lower on the day

The EURUSD moved up earlier in the day and in doing so, moved up to test it’s falling 100- hour moving average at 1.09117 (currently). The moving average attracted sellers and the price started a move back to the downside. In addition to the technical selling clue, higher yields are also helping to contribute to the downside.

The price is now lower on the day (closed that 1.08785), and back below its 61.8% retracement of the recent run-up from the March 31 low at 1.0880.

On the downside, the next major swing area comes between 1.0833 and 1.0848 (see red number circles on the chart below).

This article was written by Greg Michalowski at www.forexlive.com. Source