The USD is moving higher in early US trading. Yields continue to extend to the upside. Concerns about a Trump presidency with higher deficits are a tail wind.
The EURUSD is running to the downside in early US trading after all and below its 100 hour moving average of 1.08034 and finally finding some momentum in the direction of the break. Earlier today, the price tried to move above its higher 200 hour moving average at 1.0817, but failed. That turned the buyers to sellers. The next target comes at 1.07609 which was a low price from last week.
The USDJPY is moving back to the upside and testing the high price from yesterday at 153.871. Getting above that level opens the door for increased momentum. The price also would be moving further away from the broken 61.8% retracement at 153.397 (close risk)
The GBPUSD has been trading above and below its 100-day moving average at 1.29723. Buyers and sellers are battling it out. Get below 1.2958 would open the door for a test of the low from yesterday at 1.2938. On the top side, a move back above the 200 hour moving average at 1.2984 would give the buyers another shot at trying to push higher. Over the last few weeks, the price has moved above the 200 hour moving average only to fail fairly quickly on the breaks. For now sellers are more in control.
This article was written by Greg Michalowski at www.forexlive.com. Source