EURUSD rebounds from support. Parity and other goals are threatened
The EURUSD is extending to the upside and looking towards the 200 hour MA at 1.00091 level.
Helping is a drop in US yields. The 2-year is still higher at 3.924% at 3.89%. The 10-year is now lower on the day by 3.3 bps at 3.42%. The 100 hour MA is at 3.403%. A move below is needed to increase the adverse bias at least in the short term. The high yield reached a maximum of 3.49%.
US 10-year yield drops to 100-hour MA
The 200 hour MA has seen moves up and down over the last three trading days, but a swing area between 1.0022 and 1.00328 has given traders an area to support. The 50% midpoint of the September range is also in that area.
Today, however, the 200-hour MA was briefly broken in the Asian session and that provided the upper resistance (near 1.0009 now).
The high just reached 1.0001 – just above the parity and retreated.
If you want to HEAR my thoughts, below is the video excerpt from the morning forex report from earlier today: