Moves toward day lows
As London/ European traders look toward the end of their trading day, the EURUSD is moving toward the lows of the day. There is some uneasiness about the special Fed meeting which is scheduled for 11:30 ET (CLICK HERE). There is no scheduled time for any release of what ever they decide.
Technically, the pair peaked short of the 100 hour MA (blue line in the chart above). The lower trend line - which held support earlier today, comes in at the 1.0596 level currently. There is talk of a barrier option at the 1.0600 level.
Looking at the daily chart, on a break lower, the April low comes in at 1.0520. The low from March comes in at 1.0461. Keep those levels in mind on a fast market action on some surprise.
For the GBPUSD, it too is trading near the low levels for the day, after passing the smell test at the resistance area above. (between 1.5173-86). The high reached 1.5189 but not for long. The pair has an old trend line (that was broken) at the 1.5109 that the price is approaching. The GBPUSD broken above that trend line last week. This is the first re-look at it.
