Congestion area broken and traders exit in a hurry
The congestion in the EURUSD at the 1.1113-20 level worked for a bounce to 1.1134,
but then the support gave way and traders exited/sold into to break
(get me OUT) The fall has now taken the price to - and through the
1.10966 level where the 200 day MA and trend line came together. That
MA line held support on Monday during the London morning session. The
break below today will now make that level worth eyeing as resistance
now.
The move lower has been helped by a corrective move in the EURGBP back
to 0.8500 area from 0.8547. The next technical level in the GBPUSD is
being approached at 1.3015 and then 1.3000. Looking at the 5-minute
chart below, the 100 bar MA was where this move higher started earlier
today. A break below it would help the downside for the EURUSD too (or
should).
