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EURUSD tests the North American session highs

Just moving higher....

The last move to the upside (from 1.1226 to 1.1266) started when the 10 year note auction was announced. I am having trouble fitting the story to the price action, but soon after the announcement, the EURUSD was trading in the mid 30s and it is up pushing the high for the North American session at the 1.1272 level. A move above that level will look toward the close from yesterday at the 1.1292.

Looking at the hourly chart below, the pair fell below the 100 hour MA (blue line in the chart below) during Yellen's testimony, but quickly rebounded. It is now trading above a ceiling area between 1.1237-42 (see blue circles in the chart below> That is now support. Breaking above the 1.1272 level now and trading 1.1275.

The stocks are hanging in with the S&P up 11 and Nasdaq up 51 points or 1.19%, but they are off highs (S&P traded as high at 1881.60. It is currently at 1863.17).

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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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