The US and China reps are meeting in London with hopes for a handshake agreement that will lead to more rare-earths available to US manufacturers.
The EURUSD continued its move lower after rising earlier and peaking in the European morning session at 1.1439. The price in the early US session has broken below its 100-hour moving average 1.14094. The 200-hour moving averages is currently at 1.13814 and is the next target on the downside. Moving below that level would increase the bearish bias. On Wednesday and Friday of last week, the price bounced off that moving average level. The price is now unchanged on the day at 1.1394.
The USDCAD is trying to extend back above the 100-hour MA at 1.36868. That is also near the swing level going back to May 26. Staying above the 100-hour moving average would have traders looking toward high from Friday at 1.37032 ahead of the following 200-hour moving average of 1.37315.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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