Technical Analysis

200 hour moving average/50% retracement at 1.17592

The fall in US stocks is impacting the USD.  The S&P index is currently down -1.65%. The NASDAQ index is down -1.62% and the Dow industrial average is down over 430 points or -1.51%.

Looking at the EURUSD, the pair was sharply higher on the day but with the decline in stocks, it has started to give up some of the gains.  

The pair is currently approaching the 50% rate midpoint of the move down from the October 9 high along with the 200 hour moving average. Both those technical levels come in at 1.17592. The price low just extended to 1.1764. There should be some stall near those technical levels on the 1st test. A break below however, would open up the downside on the disappointment.

According to sources Pelosi admonition are speaking right now on the phone. There are currently a lot of issues still to be resolved. Pelosi put a 48 hour time limit on a potential deal yesterday.

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