The EURUSD and the GBPUSD both bounced off key hourly moving averages on the US session dip.
- The EURUSD bounced off its 100-hour MA at 1.0920. The 38.2% retracement of the move-up from the August low is also near that level. Staying above is more bullish going forward.
- The GBPSD and soffits 200-hour moving average at 1.2753. Staying above is more bullish
The price action today has been up-and-down in each of these currency pairs. There is no trend. However, the dip against the level, gives the buyers control in the short term. What is uncertain is if the momentum can continue. However, the buyers are make a play.
This article was written by Greg Michalowski at www.forexlive.com. Source