As the North American session begins, the USD is higher vs the EUR, JPY but having a mixed up and down day vs the GBP. In this video, I kickstart the day, by taking a technical look at each of those 3-major currency pairs and outline the bias and explain why, and also the risks and targets for each of those major currency pairs.
EURUSD: The EURUSD has fallen below two 50% midpoint levels on two separate time period charts for the EURUSD today, tilting the bias more to the downside. The first break to the downside was below the 50% midpoint of the range of the EURUSD since the 2020 high. That level comes in at 1.0942. The 2nd break was below the 50% midpoint off the hourly chart. That move is of the run from the December low to the December high. That level comes in at 1.0931. The area is also home to a swing level going back to December and makes that level a key barometer for traders in the short term today.
USDJPY: The USDJPY moved higher today but is finding targeted selling at the key 200-day MA at 143.07. That MA stalled the rallies at the end of December, increasing the levels importance. Finding sellers against that level is a trade for short term traders today and going forward especially if you are more bearish on the pair. Risk is a move above that level.
GBPUSD: The GBPUSD is waffling up and down in a relatively narrow trading range today. The pair stalled yesterday in a swing area between 1.2602 to 1.26137. That is the key barometer for buyers and sellers today and going forward. Today, the buyers are continuing to buy against that level despite the USD’s bullishness vs both the EUR and the JPY.
This article was written by Greg Michalowski at www.forexlive.com. Source