Runs up to test the swing low from March 2

The “not a disaster” auction has helped to send stocks to a new high and the dollar lower. The EURUSD has moved to new session highs and in the process, took the price away from its 200 hour moving average at 1.19659. The there has also moved above its 50% retracement of the last leg down from the March high to the March low at 1.19739. A topside channel trendline is also been broken.  

All is bullish. The question now is can the price stay above its 200 hour moving average at 1.19659. That is risk for buyers on the break.  

On the topside, the March 2 low at 1.19907 is the next upside hurdle followed by the 61.8% retracement at 1.20067.  I imagine the 1.2000 between the two might be a level that some risk focused sellers will  lean with stops above 1.20067.

Stocks have come off highs a bit:

  • S&P index of 55.3 points or 1.42% 3954. THe high reached 3960.27. That is a new all time high for the index
  • Nasdaq less 342 points or 2.62% 13411. The high reached 13433.62
  • Dow is up 306 points or 0.95% Its high for the day reached 32661.59.  It traded to a new record high today.

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