Skip to main content

What was interesting about the EUR/USD price action this afternoon

Since breaking out above the noted down trend line resistance today, at 1.0832, the EUR/USD shot to a high at 1.0869. Of course that high was delivered by the rather benign US CPI data. Well, since then the EUR/USD did fall back again after the US treasury yields rebounded from around 4.72% to above 4.77% in the 2 year note. What was interesting though; was that whilst the bond move was happening the EUR/USD refused to break below that 1.0832 level, despite trying a few times to do so. So, if you look at an intraday chart, you will see all that price action and how the former resistance level has now seemingly turned into a support level, as the markets head towards the 4pm London  fix. The high since that 1.0832 low has just been set at 1.0854

Ready to Get Started?

Start here. Join 2.9M Libertex users around the world!