After trading to a new session low in the US session, but only by a few pips, the price of the EURUSD has pushed back to the upside and has just broken above the swing low from July 2022 and 0.99515. There has been some stops triggered and the current price trades up to 0.9978.
There doesn't seem to be any news to warrant the gains. The London fixiing is approaching which may be providing the bid.
The 10 year yield is at 3.117% up 6.7 basis points and near highs. That is not a help for the USD selling.
The NASDAQ index is up 49 points or 0.40%, but off the high price of 12447.95. The price is at 12431.
The price of the EURUSD is now positive on the day. HMMMM.
Above is the parity level at 1.0000. Near that natural level, sits the falling 100 hour moving average currently at 1.0003. The price last tested that moving average last week, and found willing sellers. The price has not traded above the 100 hour moving average since August 11. Lean area.
The GBPUSD is also moving higher and looks toward its 100 hour MA at 1.18301. The price is currently trading at 1.1821. The GBPUSD has only traded 1 hourly bar above its 100 hour MA since August 12. A move above would tilt the bias more to the upside. Stay below (or fail on a break) would keep the sellers in firm control.
