EURUSD rebounds to intraday resistance

Technical Analysis

EURUSD makes a new week low but bounces

The EURUSD made a new low in early NY trading after the Nasdaq made a new low in early trading. 

SInce then, however, stocks rebounded with the S&P now in positive territory. THe NASDAQ moved up 0.8% (currently up 0.73%).  The EURUSD moved back above a swing area between 1.1881 and 1.18857 and continued their run until reaching and intraday target between 1.1909 and 1.19129. The price has stalled in that area. A move back above would next target the 100 and 200 hour moving averages (blue and green lines).

The EURUSD remains sensitive to “other markets” including the stock flows. If the stocks move higher, there tends to be a shift into the USD.  A reversal higher, reverses that idea as well.  However, beware that correlations can break apart.  So pay attention to the technicals. They help for bias clues.

Invest in yourself. See our forex education hub.

Articles You May Like

CAD Sinks after CPI, NZD Await RBNZ
NZD Spikes on Hawkish RBNZ Decision, Focus Shifts to UK Inflation Data
Oil set for weekly loss as markets worry about demand
Nvidia and 2 other portfolio stocks report earnings next week. Here’s what we want to see from each
ForexLive Asia-Pacific FX news wrap: NZD jumped on a more hawkish RBNZ Statement