In this morning video on October 26, 2023, I kickstart the Forex trading day with a technical look at the EURUSD, USDJPY and GBPUSD. What are the biases, the risks, the targets for those three major currency pairs?
EURUSD: The EURUSD is moving higher despite stronger US GDP, durable goods orders and the ECB keeping rates unchanged. After an initial dip that took the price below a swing area between 1.0525 and 1.05316, buyers entered in have now pushed the price toward a swing level from last Friday and yesterday between 1.0561 and 1.0564. If sellers are to keep control, staying below that area will be needed.
USDJPY: The USDJPY moved above the 150.00 level in trading today and reached a high of 150.77 before getting kicked back down on central bank worries. However, the low price stalled near the 100-hour moving average and the price has since rebounded back above the 150.00 level and 150.15 high from earlier October. The price is currently testing that October high on a dip. If the sellers are to take back some control getting below it and the 150.00 level (and staying below) is needed.
GBPUSD: The GBPUSD moved back below the 1.2076 level which corresponded with the 38.2% retracement of the move up from the September 2022 low, but selling cannot be sustained, and the price action returned to the upside. The pairs price has since moved back above a swing area near 1.2105 and 1.2111. If that level can now hold support, there could be further upside corrective price action in this pair today. Conversely, a move back below would hurt the correction higher idea.
This article was written by Greg Michalowski at www.forexlive.com. Source