To kickstart your trading day in the Forex, I take a look at the EURUSD, USDJPY and GBPUSD from a technical perspective:
- For the EURUSD, it moved to a new low going back to March in trading today and extended to a low price of 1.05692 before rebounding back higher. The high price has so far reached up to 1.0608 which is just short of the broken 38.2% retracement of the move up from the September 2022 low. That level comes in at 1.06106. The low prices from last week’s trading came in at 1.061 and 1.0616. That area up to 1.0616 is now resistance. Staying keeps the sellers more in control move above and we could see a rotation back toward the falling 100-hour moving average of 1.06399.
- The USDJPY moved to another new high going back to October 2022, and in the process tested a topside trendline off the recent highs going back to August on the daily chart near 149.189. Sellers leaned and the price has moved back down toward the closing level from yesterday. If selling continues, there is a support target near 148.48. Today, traders may want to use the 5-minute chart for short-term clues (see video). Staying below the 100 and 200-bar moving averages on that chart would keep the sellers more in control in the short term and give them more confidence in a move back toward the 148.48 target. Those moving averages come in at 148.88 and 148.92 currently.
- The GBPUSD has continued its downward trend, reaching a new low of 1.2166, going back to March 17, 2022. The price has bounced back modestly but stayed below the 200 bar moving average on the 5-minute chart 1.21955. Getting above that level in the 1.22 level is a short-term target that needs to be broken if the buyers are to start to take back more control. Absent that, and they are not winning.
This article was written by Greg Michalowski at www.forexlive.com. Source