Technical Analysis

100 hour MA stalls the fall The GBPUSD moved to test it’s 50% retracement at the 1.31185 ahead of the December retail sales report and found some profit taking sellers.  Nevertheless, the prices just 11 pips off the high price as the weaker than expected retail sales were reported (-0.6% versus +0.5% estimate).  The surprise decline sent the pair tumbling lower with
EUR/USD under pressure The euro is cementing its reputation as the funder of choice so far this year and today’s price action hammers home the point. It’s down 35 pips to 1.1102 and only the 55-dma just under the figure is supporting it. I also spy a head-and-shoulders top in the par with a neckline
Dow lags The major US indices are opening at new record levels with the NASDAQ leading the way. The Dow is lagging. A few minutes into the opening is showing: S&P index +5.01 points or 0.15% at 3321.82 NASDAQ index up 25.076 points or 0.27% at 9382.20 Dow up 16.81 points or 0.06% at 29314.45 in other markets:
Geopolitical concerns hurt the major indices The European shares are ending the session with declines as a result of geopolitical concerns (and perhaps a higher EUR)/ The provisional closes are showing: German DAX, -0.76% France’s CAC, -0.54% UK’s FTSE, -0.75% Spain’s Ibex, -0.45% Italy’s FTSE MIB, -0.51% Portugal’s PSI 20, -0.12% Although lower on the day, the major
Moving away from the 50% retracement The EURUSD is continuing the move to the downside and in the process is moving away from the 50% retracement 1.1089.  The next target would be a lower channel trendline that comes in at 1.10768. Below that is the 100 day moving average at 1.1063. Also near that level is the 61.8% retracement of the move