Post the CPI data (pretty much as expected), the EURUSD has moved to a new session high.
In the process, the pair has moved above the 38.2% retracement of the move down from the end of October high to the November low. That level comes in at 1.13787. A swing high area since November 16 cuts across between 1.13698 and 1.13857 price is now testing....moving through those levels. The high price just reached 1.1404
Drilling to the hourly chart below, the low price today stalled near one of my swing area is between 1.1354 and 1.1359 recall from yesterday, the price low for the day move below both the 100 and 200 hour moving averages but quickly bounced back higher, and that led to covering up toward the 38.2% retracement target at 1.13787.
The squeeze higher after the CPI has now pushed the price back above the 1.1400 level.
US stocks ahead of the CPI were trading at
- Dow up 90 points
- NASDAQ up 53 points
- S&P is trading up 11 points
The US 10 year yield was trading at 1.73%.
Currently the futures are implying:
- Dow up 141 points
- S&P up 22.5 points
- NASDAQ index up 122 points
The 10 year yield is trading down at 1.718%
Crude oil is trading higher with the price at $82.17 up $0.95
