Better US data today but EURUSD breaks higher

Dollar lower as 10 year yield dips a bitThe US had better durable goods orders and better house price index data, but after rising to a yield of 2.4736%, the 10 year yield has moved back down to 2.4535% and that may be contributing to a move lower in the USD (still up 3.6 bps but not trending higher). In other news the Italian government has won the first confidence vote in the Senate on contested electoral law. That may also be a small positive.  

Technically, the EURUSD has just broken to new session price and trades above its 200 hour moving average at 1.17843.   It has also moved to test the 50% of the move down from the high last week at 1.17908 (see chart above).  
Yesterday the pair tested that retracement and also the 200 hour MA but quickly retreated. The high price reached 1.17924. The 50% at 1.17908 and the high from yesterday at 1.17924 are the next target for buyers.  Support/risk is now back at the 200 hour MA.  Stay above is more bullish for the pair.
PS the 100 hour MA and the 100 bar MA on the 4-hour chart is at 1.17768 level. That level will also be now eyed as support (see blue lines in the chart above).  The price is moving away from those MAs now.
PSS the ECB meets tomorrow and moving toward the middle of recent range probably makes some sense.
PSSS The EURUSD just broken to new week highs and looks toward 1.1800-06 as the next target (61.8%) Article Source

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