Stock fall stalls the dollar fall
The US stocks are still lower but trading near the day's trading highs. The S&P index fell to 2322.25. The price is trading at 2332. The high reached 2332.38. Gold was up about $18/$19 at the peak. It is up about $12 now. US 10 year yield is still down about 4.8 bp at 2.36% but is off the low at 2.34%.
So the dollar fall has stalled.
Technically, the EURUSD price moved up to a high of 1.09057. The 1.0910 area was the next target above (see daily chart above). In that move, the price moved above the 200 day MA. We are now back below the MA level as the market appetite for a lower dollar has stalled a bit. The market is thinking about it and the forex markets eyes can't help but be influenced by stocks/gold/yields and tehcnicals as well.
As mention in the earlier post, the 100 bar MA on the 5-minute chart has stalled the fall twice today. We are heading down toward that MA, along with the 38.2% of the days trading range AND the high from earlier in the day. That support comes in at 1.08729 to 1.08745. That is still support and if it holds, we may not race above the 1.0910 target today, but a move back above the 200 day MA, keeps the bulls more in charge.
