The week is off and running, and to loosen the technical cobwebs, I have outlined the bias, targets, and risks for the 3 major currency pairs. Including is a technical look at the EURUSD, USDJPY and the GBPUSD.
For the EURUSD, the air has moved above a cluster of moving averages including the 200-bar moving average on the 4-hour chart near 1.0816, the 100-day moving average at 1.08 wave five, and the 200-day moving average of 1.08266. All those levels will be the barometer for bullish and bearish today and going forward this week. Staying above is more bullish. That is where the price is right now.
The USDJPY is moved above both its 100 and 200 hour moving averages at 150.31 and 150.37. Staying above those levels intraday would keep the buyers in firm control. Move below and a swing area between 149.70 and 150.158 become the f
The GBPUSD last week moved into the key swing area on the downtime between 1.2594 and 1.26137 and found support buyers. The price subsequently moved above the 100 bar moving average on the four hour chart at 1.26295 and the 200 bar moving average of 1.2652. Those moving averages will be the barometer for bullish above, bearish below today and into the new trading week.
For a complete look of the technicals watch the video above.
This article was written by Greg Michalowski at www.forexlive.com. Source