Kickstart the forex day with a technical review of the EURUSD, USDJPY and GBPUSD

The EURUSD tried to extend below it 100-day moving average 1.07959, but could not sustain downside momentum. As a result, the pair is trading back between its 100-day moving average below 1.07959, and it 200-day moving average 1.08248. That is a neutral technical stance for the pair as traders await the next shove.

The USDJPY is also trading between a swing area between 149.70 and 150.158. If the topside target is broken, getting above the high for the week at 150.43 would increase the bullish bias.

The GBPUSD yesterday moved up to test the 200 bar MA on the 4-hour chart and found willing sellers. The sellers also leaned against the MA last week as well. The price decline moved into a lower swing area between 1.2594 to 1.26137 and found support buyers. It would take a move below that level to increase the bearish bias. Meanwhile, the price of the GBPUSD trades above and below the 100 bar MA on the 4-hour chart at 1.26209 as traders debate the upside or the downside in the pair.

This article was written by Greg Michalowski at Source