To kickstart your trading day in the Forex on September 27, 2023, I take a look at the EURUSD, USDJPY, and GBPUSD from a technical perspective:
EURUSD: The EURUSD yesterday and today tested the low swing area (between 1.04846 and 1.05335) and found willing buyers each time. The price did move above the high of the swing area 1.05335 but has moved back within that range. Get above 1.05335 and the correction can continue. Conversely, a move below 1.04846, opens the door to the downside
USDJPY: The USDJPY is threatening to close lower for the 1st time in 5 trading days. The price fell below an upward-sloping trendline on the hourly chart and has rebounded to retest that broken trendline near 149.48. So far the market has been able to find sellers against that level. Staying below that level keeps the sellers in play for further corrective price action (for a change)
GBPUSD: The GBPUSD has moved lower for 6 consecutive days, and is rebounding today. The price did extend above its 100-hour moving average, but fell just short of the 38.2% retracement of the move down from the September 20 hi. That level came in at 1.2228. The high price reached 1.2223 before rotating back to the downside. The price is currently trading above and below its broken 100-hour moving average at 1.21865. That moving average will be the barometer for traders today. If the price can get back above that level and back above 1.2200 and stay above, further corrective move toward the 38.2% retracement and above will be eyed. Conversely, if more downside momentum below the 100 hour moving average develops, the correction looks just like a plain-vanilla variety, and the downside may not be over.
This article was written by Greg Michalowski at www.forexlive.com. Source