Dollar going lower into the London close
As London/European traders look to exit, the USD is trading to new session lows vs the EUR, JPY, CHF, CAD and NZD.
EURUSD: The EURUSD has moved up to the highest level since July 6 and in the process is testing its 61.8% retracement of the move down from the June 25 high. That comes in at 1.18893. The next upside target comes in at 1.18947. That was the high going back to July 6. Looking at the 5 minute chart, the buyers have been able to stay above its 100 bar moving average on that chart (blue line). That moving average currently comes in at 1.18772. It would take a move below that moving average level, the 50% of the last trend leg higher at 1.1870, and the rising 200 bar MA at 1.1865 to tilt the bias more to the downside. If those steps cannot be taken, the buyers are still holding the better hand.
USDJPY: The USDJPY move below its 100 day moving average in the last hourly bar. That moving average comes in at 109.567. The low reached 109.464. Stay below the 100 day moving average keeps the Bears/sellers firmly in control.
Invest in yourself. See our forex education hub.