EURUSD falls back to support targets after resistance test
EURUSD advanced early in the US session, hitting a new intraday high of 1.07895. This is inside the 50% midpoint of the decline from the March 2024 high to the April 2024 low at 1.07906. The 200-day moving averages are just above this level.
The subsequent decline was reflected by the higher inflation expectations data from the University of Michigan, with the price currently trading at 1.0768. The day’s low reached 1.07652. The 100 hour moving average stands at 1.0761.
The NASDAQ index fell back into negative territory, giving up a 91.13-point gain after inflation expectations rose. It is currently up 10.37 points or 0.06%. The S&P index remains in positive territory with a low of +8.32 points. The index is currently up 11.42 points or 0.22%.
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