USD’s rise is retraced as stocks also rebound.
The GBPUSD is ticked to a new session high. The Asian session high reached a point at 297. The price high just reached 1.22992 just below the natural resistance level of 1.2300. Yesterday the high price reached 1.23082.
Looking at the hourly chart, the price had been trying to stay below the floor at 1.22213. Once this level was crossed, the seller turned to the buyers. The price has risen.
On the downside, the price briefly broke below the 200-day moving average, but the momentum could not be sustained. This led to the battle between buyers and sellers. Buyers win and continue to have control accordingly.
EURUSD is also moving higher after recovering above its November highs between 1.0480 and 1.0496. Today’s low, the price held above the rising 100 hourly moving average, then stalled ahead of its 38.2% retracement of the rise from the November 21 low (at 1 ,04213).