$EURUSD corrects down as the London afternoon starts. 1.5047 support.
With NY on Thanksgiving Day holiday, London banks will continue to be predominantly in charge for the trading activity for the next 5 or so hours.
The EURUSD corrected overnight after reaching our target at 1.5145 (1.5144 high) we spoke of 24 hours ago (CLICK HERE). The price has used the 100 bar MA as its guide to the downside with a few blips above for the most part (blue line in the chart above). The price just tested the 1.5047 level which was the November 11th high and bounced from there back higher. The 38.2% retracement of the move up from the low on November 20th comes in at the 1.5042 level. The low just reached is a nice level to stop and pause. Look for profit takers against these levels on dips. Other support levels come in at 1.5020 and 1.5000 the same levels that helped propel the upside yesterday.
On the topside, there should be resistance on moves up toward the 100 bar MA on the 5 minute chart which is currently up at the 1.5086 level (and moving down). The 1.5095-1.5100 level is also a congestion area today (see 5 minute chart above). Another level of interest is the 1.5062. This was the old high for 2009 before the move up yesterday. This level may prove to be the level the market trades around today, should the price action settle down.
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