In an earlier post, I warned about the EURUSD s failed break to the upside that took the price of the pair above the topside swing area between 1.0866 and 1.08743 (see post here). The inability to keep the momentum going have the potential to turn the buyers and sellers and that's exactly what happened.
The price has since moved back below the 100 hour moving average, and as I speak is extending away from that 100 hour moving average. The current price just extended below the 1.08 level and is trading at 1.0795. Sellers are making play with the next key target being the rising 200 hour moving average (green line in the chart above) at 1.07698. The last time the price traded below that moving average level was back on January 6. The 200 hour moving average at the time was much lower at 1.0619.
US yields are off their lowest level, but still down on the day. The 10 year yield is down -10.5 basis points at 3.429%. The two year yield is at 4.114% down 7.8 basis points.
In the US stock market, the seven day win streak for the NASDAQ is in jeopardy of being broken today, with a the price down around 70 points or -0.63% at 11024.61. The S&P is down -34.11 points or -0.85% and the Dow Industrial Average is the worst performer at -1.12% or -380 points