New 12 day low fails to ignite any selling. So traders cover.
The EUREGBP for the 2nd day in a row, took out a prior low but failed to develop any additional downside momentum. Yesterday, the price fell below the August 31 low of 0.7243. The low came in at 0.72408, but could not go any further. Shorts covered.
Today, the low took out yesterday's low and printed 0.72398, but once again failed to ignite any further selling momentum. Shorts once again covered.
The move higher is helping to send the EURUSD back higher (it failed to fall below the 100 day MA at the 1.11256 level). The EURUSD is currently trading at 1.1171. The 200 hour MA is at 1.1199. The close from yesterday is at 1.12013. This should limit the upside for that pair, but as has been the case of late,the EURGBP may have a say as to what the EURUSD does....
