In this video, I kickstart the ethics training day with a technical look at three the major currency pairs, the EURUSD, USDJPY, and GBPUSD. The bias is more to the upside after better-than-expected jobs data from ADP and the weekly initial jobless claims
- EURUSD: The EURUSD moved higher in the early European session his focus was on the decent inflation data from France and Germany, and mixed PMI data. However the better-than-expected US data has pushed the pair to the downside. The low price at the bottom near 1.0931 which was right near the 50% midpoint of the December trading range. It also was a near date swing area going back to mid-December. That has given the bars of some help that the price and rebound back to the upside. The 1.0931 level will be a key barometer for traders today.
- USDJPY: The USDJPY is continuing its run to the upside helped by rising US yields. The pair is approaching the 38.2% retracement of the move down from the November high to the December low. That level comes in at 144.698. The swing high going back to December 19 came in at 144.94. The 145 level is looking like a key target on the top site for this currency pair but getting above the 38.2% retracement at 144.698 is step number one. On the downside watch 143.92 – 144.09 (above and below 144.00) as support now.
- GBPUSD: The GBPUSD like the EURUSD moved higher into the European session but has since reversed back into the downside out by the stronger US data. The price has a sensible below its 200-hour moving average and 100 hour moving averages at 1.2705 and 1.26912 respectively. The 50% midpoint of the December trading range comes at 1.26629. Move below that level would increase the bears bias.
This article was written by Greg Michalowski at www.forexlive.com. Source