February 1, 2023

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EURUSD moves to new lows and below 100 day MA ahead of London fix

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Dollar moving higher.

The EURUSD is moving below its 100 day moving average of 1.20537, and trades to a new session lows just ahead of the London fixing at the top of the hour. 

EURUSD on the hourly chart

The dollar is also moving higher vs other pairs as well. The GBPUSD is trading a new lows, the USDJPY and USDCHF are trading a new highs (the USDCHF is testing its 100 hour moving average at 0.9122).  THe AUDUSD and NZDUSD are racing lower as well. 

Looking at the GBPUSD. the pair has extended the  range for the week with it’s move below the low for the week at 1.38577. The pair is testing the 50% retracement at 1.3838 (of the move up from the April 12 low). 

GBPUSD on the hourly chartStocks are moving lower with the Dow now down -233 points. The S&P is down -0.63% as stocks weaken as London/European traders wind toward the end of week/month. 
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