Kickstart the FX trading day for May 31 w/a technical look at EURUSD, USDJPY and GBPUSD

The USD is lower after core PCE data came in as expected/a little lower (?).

  • The EURUSD has moved into a swing area on the top side between 1.0876 and 1.0887. Just above that is the high from May at 1.08944. On the move to the upside earlier today, the price pushed through its converged 100 and 200-hour moving averages near 1.0841, shifting the bias towards the upside.
  • The USDJPY moved up earlier in the day, but has retraced back toward the closing level from yesterday and also the 100 and 200 hour moving averages at 1.5702 and 1.5684 respectively. The price is trading between those levels currently but they will remain barometers for buyers and sellers in the short term trading today.
  • The GBPUSD moved about both its 200 and 100 hour moving averages at 1.2730 and 1.2741 respectively. Staying above each will keep the bias in favor of the buyers for trading today. Resistance comes in at 1.2759. Break above that level opens the door for a potential move toward the high for the week at 1.2800.

This article was written by Greg Michalowski at Source