EURUSD falls back to support targets after resistant test
The EURUSD moved higher in the early US session reaching a new intraday high of 1.07895. That got within a paper so of the 50% midpoint of the move down from the March 2024 high to the April 2024 low at 1.07906. The 200 day moving averages just above that level.
The subsequent fall held by the higher University of Michigan inflation expectation data as the price currently trading at 1.0768. The low for the day reached 1.07652. The 100 hour moving average comes in at 1.0761.
The NASDAQ index did dip back into negative territory giving up a gain of 91.13 points after the higher inflation expectations. It currently is up 10.37 points or 0.06%. The S&P index remains in positive territory with the low at +8.32 points. The index is currently up 11.42 points or 0.22%.