Monday lows at 1.12702/200 hour MA at 1.1274
The EURUSD had support at the 1.12395 swing low from August 17), the 1.1243 (38.2%) and the 1.12454 (swing low from August 16). The low reached 1.12448. Around the time of the low the EURGBP was testing support too at the 0.8478-85 area (see: EURGBP tests lots of support...).
The EURUSD has moved higher to 1.12691. The EURGBP is up to 0.8512. Follow the leader - whichever one it is.
Looking at the EURUSD, the pair is testing the low from Monday at the 1.1270 are. The high just printed 1.12691. The 200 hour MA is at 1.1274. That area should be a tough level on a Wednesday afternoon at the end of August.
For the EURGBP...HMMMM...the move lower today was a steady march lower. Yes there were corrections but most were minor Until we reached the most recent low. The next target is the 0.85205 area. This is the 38.2% of the move down and near a swing low and corrective high at 0.85185 and 0.85208. That should stall a rally if the sellers want to put a lid on the work lower today.
