The EURUSD is run to the upside as yields tumble after weaker consumer confidence data and jolts job openings. Consumer confidence fell to 106.1 which was much lower than the 116.0 estimate. Jolts job openings also fell sharply to 8.827M vs 9.465M expectations.
US yields have moved to the downside with the 2-year period now down -10 basis points at 4.908%. The 10-year yield is down -6.7 basis points at 4.143%.
The EURUSD spiked back above its 200-day moving average at 1.08069 and 100-hour moving average of 1.08189. The 200-hour moving average comes in at 1.08472 , and gave sellers a level to lean against. The last time the price traded above the 200-hour moving average was back on August 22 (see chart below). The price moved above that moving average, but stalled at the 100-day moving average on that day, and quickly rotated back to the downside.
It would now take a move above the 200-hour moving to increase the bullish bias.
Taking a broader look at the 4-hour chart below, the price is also testing the high of a swing area between 1.0833 and 1.08485 (see red numbered circles on the chart below). The high of that swing area corresponds closely with the 200-hour moving average.
This article was written by Greg Michalowski at www.forexlive.com. Source