Kickstart your FX trading day with a technical look at the three major currency pairs – the EURUSD, USDJPY and GBPUSD.
For the EURUSD, the pair rose on Monday and Tuesday in the process pulled up toward its 100-day moving average at 1.0865 area. Sellers leaned against the level yesterday pushing the price back down, and back below its 50% midpoint of the move up from the February low and its 200-day moving average both near 1.0837. In trading today, the price stayed below those levels, keeping the sellers more in control. It would take a move above 1.08374 to shift the bias back to the upside.
For the USDJPY, the pair moved to and above the highest levels going back to 1990 with a break of the 2023 high at 151.91 to 151.945. The high reached 151.967 and rotated lower. The price is back below the 100 hour MA at 151.43 which is now close resistance. . On the downside, a swing area between 150.718 to 150.88 including the rising 200-hour MA are the next targets to get thoa dn through to increase the bearish bias.
The GBPUSD is back down testing the low swing area between 1.2594 to 1.26137, but is also below the 100 day MA at 1.26396. Staying below the 100-day MA keeps the sellers in play/in control, but it will also take a move below 1.2594 to increase the bearish bias (have to stay below that level).
This article was written by Greg Michalowski at www.forexlive.com. Source