At least the EURUSD and the GBPUSD moved.
The EURUSD did awake from its toss and turning slumber and in the process has indeed moved away from the 100 day MA at the 1.1027 level (see prior post). The pair has also extended the trading range for the day to what has been the average. The pair now has a 132 pip trading range. The average is 128. If the internal clock of the market is working, there may be a desire to take some profit, but that is no guarantee.
The next major downside target comes in at 1.09638 which is the 50% of the move up from the March low to the May high (see chart below). The low for the week comes in at 1.09157. Traders have now redrawn the line in the sand against the 100 day MA at the 1.0927 currently. The price should not trade above this level now if the sellers are to remain in control and they are in control on the break.
Looking at the GBPUSD, it too woke up and has pushed to new day lows. For it, the price was able to find sellers against the 100 bar moving average, get below the 50% retracement move up from yesterday's low and fall below the 1.5335 area where a number of lows were made. the next target will look toward the low from yesterday at 1.53295.
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A move below that, will have the pair looking toward the 100 day MA at the 1.5268 and the 50% retracement of the move up from the April low. That level comes in at 1.52456.
The baby....err market was able to wake up and provide some further profit potential for astute traders on the break. The action in the EURUSD and the GBPUSD also reinforced a bearish bias each.
