The EURUSD is correcting higher as dollar selling is dominating trading today. Yields are lower with the 10 year now down -11 basis points at 4.300%. The 2-year yield is down -6.4 basis points.
Technically, the EURUSD is above a swing area between 1.0483 and 1.0500. The price also is looking to extend above a downward-sloping trendline near 1.0522.
On the downside, staying above the 105-ish type level would keep the buyers in play and have traders thinking toward the 38.2% retracement of the three-week move down. That level comes in at 1.05628. If the price is able to get above that level would give the buyers more confidence. Absent that, and the correction is just a plain-vanilla variety.
Buyers are making play but there is work to do to show they mean business (and can maintain the momentum today).
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The EURUSD is rising due to strong dollar selling. Yields are also down, with the 10-year yield decreasing by 11 basis points to 4.300%.
Technicals:
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The EURUSD has broken above a key resistance area (1.0483-1.0500).
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The price is approaching a downward trendline.
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Staying above 1.05 would keep buyers in play.
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The next target level is 1.05628, a 38.2% retracement of its recent decline.
This article was written by Greg Michalowski at www.forexlive.com.
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