Kickstart the FX trading day for May 16 w/ a technical look at EURUSD, USDJPY and GBPUSD

The USD moved sharply lower yesterday after the data dump including CPI, retail sales, and New York manufacturing. All were weaker than expectations.

Today the data was a little less dovish. That – along with corrective price action – has a US dollar moving higher.

In this video take a look at the technicals that are driving the three major currency pairs – the EURUSD, USDJPY and GBPUSD. What does the price action tell us. What would increase the dollar corrective move? What would give dollar sellers confidence that the correction today is over (or not)?

Find out in the above video.

This article was written by Greg Michalowski at Source