Bounce catching some momentum
The EURUSD moved back above the 1.0600 level (see prior post) and is now trading above the 100 hour MA at 1.0613 (trades at 1.0621).
Meanwhile, the GBPUSD failed on the break above the 1.2673 level and more recently below the 50% of the day's trading range and the 100 bar MA on the 5- minute chart (see prior post).
That combination of the EURUSD moving higher and the GBPUSD moving lower, has the EURGBP moving back higher.
Looking at the hourly chart, the pair's low bottomed right near channel support. The pair is up testing the 38.2% of the move down from the high yesterday at 0.84484. That was a low from the Asian Pacific session. The low from yesterday and from November 24 come in at 0.8455 and 0.8459. That area should attract some interest from sellers. It was a break level on the way down today, it should slow the rally on the way up.
