The EURUSD is pushing higher and is now testing its 200-hour moving average at 1.15776. In the latest session, price action has been steadily bid after an earlier test of a key swing area between 1.1518 and 1.1529 during the European hours. Buyers leaned into that support zone and have since driven the pair higher with building momentum.
If sellers lean, getting back below the 38.2% at 1.1558 would give the sellers more confidence that the high is in place.
A move above and the 50% at 1.1610 is the next key target.
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Adding fuel to the move has been a softening in U.S. yields, particularly further out the curve. The 10-year yield is now down 0.2 bps, while the 30-year yield has dropped 1.6 bps, helping to pressure the USD and extend EURUSD’s upside run.
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