The EURUSD is pushing to fresh session highs, with price action stretching toward the next upside targets at 1.1769 (July 28 high) and 1.17874 (July 24 high). Earlier in the U.S. session, the pair briefly slipped back below a swing area between 1.1730 and 1.1741 after testing its upper edge during European trading. However, renewed dollar selling in early New York hours turned the tide, allowing the pair to break above the zone, consolidate within it, and then extend higher into the close.
For now, the 1.1730–1.1741 zone has flipped to near-term support, and buyers will look to defend it on any pullbacks. A sustained move back below this area would likely disappoint bulls and trigger some short-term profit-taking, but as long as it holds, momentum favors a continued push toward the July highs.
Lower US yields have contributed to the dollar selling today. A flatter yield curve is also a tailwind as inflation fears abate.
- 2-year yield 3.494%, -1.2 basis points.
- 5-year yield 3.567%, -1.5 basis points
- 10-year yield 4.043%, -4.2 basis points
- 30-year yield 4.687%, -8.7 basis points.
The 10-year yield is trading at its lowest level since April 7. The 30-year yield is trading at its lowest level since May 1.
