Today is the day of the GBPUSD, but EURUSD is getting dragged higher.
The GBPUSD is on fire with the pair pushing above the 1.4300 level now and the the EURGBP also making it's way lower. However, partly as a result of the EURGBP weakness, the EURUSD has not been following. In fact the pair is still lower on the day (closed at 1.0849).
However, the downside has been limited as well. The low in the NY session could only get to 1.0822 and now we are seeing a test of the closing level from yesterday AND the 100 hour MA at the 1.0848/49 area. We are above the 100 and 200 bar MA on the 5 minute chart. We are in the vortex of the resistance area.
This is the peak area I spoke about in the earlier post if the sellers were to stay in control. Can it hold? A move above should trigger stops.
