As London/Europe traders hit the pubs and the trains, the USD is reaching to new highs vs all the major currencies with the exception of the CAD (the CAD has been supported by better employment data today).
The EURUSD fell back below its 200 hour MA at 1.09624 and has been able to push lower and below the next target at 1.0933 to 1.0943. That area is now close risk. More conservative risk for sellers would be the 100 hour moving average at 1.09624. The low price just reached 1.09149.
The GBPUSD is trading to a new low going back to November 2020 extending below the earlier low at 1.3050 in the process. The low just reached 1.30415. The road to the downside today was paved when the pair stalled against its 100 hour moving average on the corrective move higher. Moving back below a swing area between 1.3080 and 1.30878, gave the sellers more ammunition to push lower. The price is now breaking through the earlier session low at adding to the negative bias.
It would take a move back above the 1.30878 level to give the buyers some hope. However, until the price can trade above the 100 hour moving average currently at 1.3122, and stay above that moving average, the sellers are still more in control. PS the price not traded above its 200 hour moving average at 1.3217 cents February 23. The price trended from 1.3576 to 1.3041 or 535 pips on that move. The trend is not over until it’s over. Getting above the 100 hour moving average is step number one.