In the kickstart video for July 23, I take a technical look at the EURUSD, USDJPY and GBPUSD.
For the EURUSD, it traded up and down yesterday and tried to get back above its 200-hour moving average (green line), but could not find any upside momentum on the breaks above. As a result, buyers turned to sellers, and the last 9 or so hours have trended lower. The price is testing a swing area between 1.0853 and 1.08617. Breaking below would have traders targeting the 38.2% retracement of the move up from the June low. That level comes in at 1.08394.
For the USDJPY, the buyers yesterday took the price back up to test the 200-hour MA. In a late day video yesterday, I outlined the level to sell against. The price did move lower in trading today. Resistance is now at 156.57 area. Support now comes in at 155.73 area. Break below that level and the 100-day MA and the low from last week near 155.36 would be targeted. I would expect willing buyers near that level with a stop on a break below.
For the GBPUSD today, the ups and downs yesterday did find willing sellers against the 200 hour MA (bearish tilt). The selling took the price below a swing level near 1.2900 on its way to a low of 1.2887. That was short of the 38.2% at 1.28789. The price did bounce higher and is back above the 1.2900 level. If the price can stay above 1.2900, the buyers are in play. Move below, and I would expect a run down to test the 38.2% at 1.28789.
This article was written by Greg Michalowski at www.forexlive.com. Source