In the kickstart video for May 22, 2024 I take a look at three of the major currency pairs from a technical perspective – the EURUSD, USDJPY and GBPUSD.
For the EURUSD, the price fell below both its 200 hour moving average at 1.8% retracement of the move down from the March high at 1.08354. The level will now be a key barometer in the short term for this pair. On the downside the 100 day moving average of 1.08157 looms as a key support. The price trade above and below that moving average before the CPI report last week sent the pair higher. Be aware.
The USDJPY moved above a swing area at 156.28, increasing the bullish biased. The price is trading to new highs for the day in the early US session and highest level since May 14 when the price ultimately reached 156.752. That is the next upside target under further momentum. Staying above 156.28 buyers and control.
The GBPUSD moved higher after CPI data was stronger than expectations. The high-priced route extended to 1.27602 before rotating that lower. The low price has reached 1.26993 (just below the natural support at 1.2700). That got within a few pips of the rising 100-day moving average currently at 1.26964. Staying above the 100-day moving average keeps the buyers in play and in control. Yesterday that moving average was also tested and found support buyers.
This article was written by Greg Michalowski at www.forexlive.com. Source