Approaches 100 hour MA. EURGBP moves down as well. Tests 100 hour MA.
The EURUSD has joined the GBPUSD and did a 4 PM Friday London fixing tumble lower. The price moved from 1.1147 to 1.1108 in a 10 minute window leading up to fixing time. Technically, the next target remains the 100 hour MA which is currently at the 1.1093 level. The 38.2% of the move up from last Friday's low comes in at 1.10759.
Liquidity conditions can continue to bully the market around but the sellers are in control below the trend line now with the next targets to look towards....
Meanwhile over at the EURGBP land...the pair is sitting on the 100 hour MA (blue line in the chart below) at the 0.7111. The price has been above this moving hour for the entire week. That could have an impact on the EURUSDs fortunes in the short term - stay above and the buyers may push up the EURUSD. Move below and there should be some additional liquidation in the pair. Other support in the EURGBP comes in at the 0.7997/01 area (see yellow area in the chart below).
