Despite the better Existing Home data, the dollar finds profit takers
The better home sales data pushed stocks up but it also led to some dollar buying as the market failed to extend the gains.
The GBPUSD, which was approaching key resistance at the 1.6668 level, reached a high of 1.6647 and that is all it could extend. The price is now back down toward intraday support against the 100 bar MA on the 5 minute chart at the 1.6608 level Watch this moving average to provide some support/buying interest. A break should see some additional pressure but the 1.6600 level should also be a support level today.
The EURUSD is also down and is testing it’s 100 bar MA at the 1.4975 level. A break of it will also be bearish at least intraday. Clearly a test is underway. Watch the levels closely but look for some profit taking to take place.
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