EURUSD tries to extend above the 200 hour MA

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Narrow range extended but initial break can’t do much

The EURUSD just moved above the 200 hour MA for the first time since June 11, but the first break is not finding the hoped for run higher. The MA comes in at 1.1960. The high just reached 1.1965, but has moved back below the level. UGH.

The good news for the buyers is the price remains above the low of a swing area going back to June 17 at 1.1942. The not so good is the price is back below 200 hour MA.

The tilt intraday is modestly to the upside above 1.1942, BUT the price really needs to get back above the 200 hour moving average and stay above that level.

Stocks are moving back higher with the NASDAQ up about 23 points and the Dow up 153 points. The S&P is up 7.25 points. That is modestly higher than premarket levels. US yields are mostly lower than premarket levels as well. The data was mixed with PCE inflation rising but perhaps is a relief it was not stronger at least. As for infrastructure, the warm at fuzzies from yesterday are not as much today. All of which, may give the greenback a modest downward tilt.

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This article was originally published by Forexlive.com. Read the original article here.