Corrects to 50% and stalls. Moves back higher.
The EURGBP - which has been a driver in the EURUSD and GBPUSD moves today (or is it the other way around?) - is back moving to the upside after testing and holding right near the 50% of the trend leg higher (SEE EARLIER POST). Traders leaning against the 50% have seen the price move up from 0.7056 to 0.70711 currently. The high at 0.7079 and then 0.7088 (50% of the November move down) are the next targets. The support remains the same for the buyers at the 0.7056 area (you can add the rising 100 bar MA on the 5 minute chart which is moving toward that area).
Meanwhile over in the GBPUSD, it was able to stay below the 1.5083 level (see earlier post) and is making new lows for the day as it looks toward the 1.5026 low from earlier in the month and the 1.5000 key level.
The EURUSD meanwhile, has NOT been able to stay below the close AND has moved back above the 100 and 200 bar MA outlined earlier.....
