EURUSD corrects back to its broken 100 day moving average at 1.09303

<p>Rates stabilized and moved off highs and stocks rebounded. That has led to a reversal in the USD to the downside. </p><p>For the EURUSD, the price fell below the 61.8% retracement of the move up from the end of May low at 1.0880 on its way to a low price of 1.0874. However, the price has snapped back higher and in the process has returned back to its broken 100-day moving average of 1.09303. The high price just reached 1.09304 and found sellers on the test. The current price is trading at 1.0922.</p><p>If the price is to go higher, getting back above its 100-day moving average (and then above the 50% of the range since 2021 at 1.0942) would disappoint the sellers on the failed break. </p><p>Recall the price had been bouncing off/near that moving average level. It would not be good for shorts for the price to move back above that level with any sort of momentum.</p><p>Stay below and trade would once again target the 61.8% retracement 1.0880.</p><p>See my earlier NY morning video on the pair below:</p>

This article was written by Greg Michalowski at www.forexlive.com.