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 corrected higher yesterday and in the process tested a broken 38.2% retracement of the move up from the September 2022 low at 1.06106. Sellers leaned against that level and have pushed the price lower. The pair today has reached a low of 1.06338. That tested the high of a swing area going back to November 2022 to March 2023 between 1.04846 and 1.05338. Buyers are leaning against the high of that swing area at the start of the New York session. Moving below and 1.0500 and 1.48486 become the next key targets. This area should be a stall area for the EURUSD. Be aware for some buying interest on further selling with a stop below 1.04846.
- USDJPY: The USDJPY is extended to a October 2022, and in the process is testing a Topside trendline on the daily chart near 149.29. The high price yesterday stalled against that trendline. The high price and today has fallen short by about 5 pips so far. Watch the closing price of from yesterday at 149.064 intraday clues. The price of the USDJPY has been up for 4 consecutive days. Moving below that level would snap that string.
- GBPUSD: The GBPUSD is down for 6 consecutive days. Today it reached the lowest level going back to March 17. Like the USDJPY, watch the closing level from yesterday at 1.2156 for intraday clues. Move back above that level and we could see further rotation higher as buyers anticipate an update would start a corrective move after the recent move lower.
This article was written by Greg Michalowski at www.forexlive.com. Source