The EURUSD is extending to a new session low, and in the process is testing the December low and swing level near 1.07233. A break below that level would then target the 61.8% retracement of the move up from the October low at 1.0712. Will below that level and there is not a lot of support until 1.0655 – 1.0675.
Earlier today, the price was able to break away from its 100-day moving average. That level comes in at 1.07763. The last time the price traded below that level was back on December 11.
There is a little bit of a stall against the December low at 1.0723. The current price is back up at 1.0732 as traders lean against the swing level.
US yields are moving higher after the better-than-expected ice and nonmanufacturing index and especially the price component which moved up to 64.0 from 57.4 last month. The two year yield is up 8.6 basis points at 4.455%. The 10 year yield is up 12 basis points at 4.152%.
This article was written by Greg Michalowski at www.forexlive.com. Source