The activity has quieted down a bit. There still is the London/European close to contend with but there is a slowing. Stocks are off the lows. Chipotle is certainly taking it on the chin – down over 20%. I make my own “bowls” for the family at home for a fraction of the price but that’s just me (can of corn, black beans, lettuce, chopped tomato, salsa, chicken, taco seasoning packet, sour cream, rice….). I get more chicken too…
EURUSD
GBPUSD
The GBPUSD broke below the 100 hour MA (blue line in the chart below) and fell below trend line support like as well. The correction off the low found sellers near that broken trend line. This keeps the sellers in charge. The next target remains the 38.2% of the move up from the July 12th low at the 1.56049.
Anyway. the EURUSD has corrected to the 50% of the last leg down at 1.21742. Stay below and the shorts remain in control The price low reached 1.21436 – short of the next target at 1.2131.