Kickstart the trading day with a technical look at the EURUSD, USDJPY and GBPUSD

In the morning forex video, I kickstart the trading day by taking at technical look at the EURUSD, USDJPY and GBPUSD.

EURUSD: The EURUSD is trading between resistance above up to 1.06669, and support near the swing low from the May 31 low at 1.0635. Getting through 1 of those levels should lead to further momentum in the direction of the break. The current price is trading between the area at 1.0650.

USDJPY: The USDJPY was able to break above the swing highs from September near 147.867, but stalled near 147.941 just ahead of natural resistance at 148.00. The swing low after reaching the high for the day did stall against the high price from Wednesday’s trade at 147.738. Stay above that level is more bullish in the short term trading today. Move alone could see further selling on the disappointment of the break higher. A move above 148.00 opens the door for further upside momentum.

GBPUSD: The GBPUSD is testing a low swing area between 1.2386 – 1.23974. A move below that swing area opens door for a rotation toward the extremes from May at 1.23478 and 1.2308. Recall from yesterday, the price move below the 200 day moving average at 1.24326. That is now a resistance level on the top side. Although the price today did move above that level in trading here today, the momentum cannot be sustained. I would expect a 2nd move back above that level after testing the lower swing level would be a big disappointment for sellers. Absent move back above the 200 day moving average and the sellers remain in firm control.

This article was written by Greg Michalowski at Source