Stocks and oil rebound off lows
The EURUSD has moved back below the 200 day MA in the last 20 minutes of trading.. The move corresponds with a move back higher in the US stocks. The S&P is back trading above the 2000 level (at 2008 currently) after testing the 50% retracement at the 1991.78 level (see prior post). The Dow is back unchanged. Crude oil prices have also seen a reversal with the front contract rising to $36.26, +1.8% on the day. Traders in the EURUSD who see a peak (the pair did not get to the 100 day MA at the 1060 level), may start to take some profit, but with the FOMC decision on Wednesday and the stocks/oil still on a knifes edge, traders are likely to remain cautious.
Moving back below the 1.0996-1.1007 level will be eyed now by traders for further bearish confirmation (38.2%-50% of the days range).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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