Stocks move lower, dollar goes up against EURO and GBP

The stock market has opened down 240 points and the dollar has been the beneficiary. The EURUSD has moved to new lows of the day at the 1.3128 level. The 1.3092-1.3097 level remains key support with the 100 day MA and the 50 % retracement level both at the area. I would expect good buying against this key support level this morning.

The GBPUSD has been a little less negative on the recent move lower only in that the price remains above the low for the day at the 1.4110 level. Given this support, the upside remains a possibility. Watch the 100 bar MA on the 5 minute chart (currently at 1.4167). A move above it and than the 1.4182 level, might be a good sign for the pair.








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