The EURUSD is trading to a new session low of 1.0856. That comes after breaking below a swing area between 1.0878 and 1.0887.
US yields are trading at new highs with the 10-year now higher on the day up 0.8 basis points at 4.425%. The 2-year yield is up 4.4 basis points to 4.929%.
The low price last Friday reached 1.0824 and that will be the next target on the downside. Below that is the 200-day moving average 1.08078.
Looking at the daily chart below, the price on Tuesday extended above the 61.8% retracement of the 2023 trading range at 1.0959, but after reaching a new high going back to August 11 of 1.0964, momentum stalled, and buyers turned to sellers. The price is now breaking back below the 50% of the 2023 range at 1.08619. Staying below that level will keep the sellers in control.
This article was written by Greg Michalowski at www.forexlive.com. Source