The EURUSD is moving lower today, helped by a reversal in the recent “Sell the USD” sentiment. U.S. stocks are sharply higher, and Treasury yields are falling across the curve, with the 10-year yield down 3 basis points and the 30-year down 5.5 basis points.
Price action in EURUSD has now dipped to a session low of 1.1439, approaching its rising 100-hour moving average at 1.14305. That level held as support on Friday, where the pair bounced after a test of the average. On Thursday, price briefly dipped below the 100-hour MA but failed to sustain downside momentum.
A move below and hold under the 100-hour MA would shift focus to the 200-hour moving average at 1.13723, which is also trending higher.
On the topside, resistance is now seen at the swing high from Friday, April 11, at 1.14723. For traders looking for a deeper correction, staying below that resistance adds to the bearish case.
From a broader perspective, EURUSD has risen over 840 pips since the March 26 low at 1.07293, a strong rally in less than a month. Given that magnitude, a corrective move would not be surprising—and there’s still plenty of room for a pullback if downside momentum builds
