Bears making a push ahead of the stock opening
The US stocks are expected to open lower and the USDJPY is pressing lower in response. Yields are also lower today and gold just raced higher and trades at session highs.
Technically, the price high today stalled just ahead of its 100 hour moving average at 107.90 (higher blue line). The high for the day reach 107.887 and turned back lower.
The subsequent fall that the price back below its 200 hour moving average, 100 day moving average, and 50% retracement of the recent range at 107.709 to 107.74 area.
The extension lower below those levels, has now taken the price down to the 107.418 area which is home to some swing levels going back to September 24 (see red numbered circles).
Do buyers/profit takers put a toe in the water against the swing area? It is the next lower test for the sellers and the buyers.
A move below will look toward the 107.30 level and the lows from last week down at 106.955 (call it the 107.000 area).