EURUSD tests earlier low for the day

US yields have turned back around with the 10 year now up 3.8 basis points at 4.286%, the 2 year yield is modestly higher at 5.009%.

That has the US dollar moving higher, and the EURUSD lower and back retesting its low for the day near 1.0654.

Looking at the 4 hour chart above there is a swing area between 1.06583 and 1.06669. Close resistance is now at 1.06669. Staying below is more bearish. Can the sellers keep control and push lower?

On the downside, the May 31 low at 1.0635 is the next key target. A move below that level and traders would target the 38.2% retracement of the move-up from the September 2022 low at 1.06105 (see daily chart below).

This article was written by Greg Michalowski at Source