EURUSD retracing the gains and now lower on the day

<p>The EURUSD moved up earlier in the day and in doing so, moved up to test it's falling 100- hour moving average at 1.09117 (currently). The moving average attracted sellers and the price started a move back to the downside. In addition to the technical selling clue, higher yields are also helping to contribute to the downside.</p><p>The price is now lower on the day (closed that 1.08785), and back below its 61.8% retracement of the recent run-up from the March 31 low at 1.0880.</p><p>On the downside, the next major swing area comes between 1.0833 and 1.0848 (see red number circles on the chart below).</p>

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