Kickstart your forex trading on November 21 with a look at the EURUSD, USDJPY and GBPUSD

In the daily kickstart technical video, I take a look at the 3 major currency pairs – the EURUSD, USDJPY and GBPUSD – and outline the bias (bullish or bearish), the risk and targets for each 1

The EURUSD trading range is only 28 pips today. That is well below the 22-day average of 75 pips. What that means is that on a break (higher or lower) there should be additional momentum in the direction of the break. The high price today did extend above the 61.8% retracement of the 2023 trading range at 1.09589, but could not sustain momentum. The price has rotated back down to a low of 1.0938. It would take a move back above the 61.8% retracement to increase bullish bias.  On the downside watch 1.09255. Break below that level and we could see further selling pressure with the 50% midpoint of the 2023 trading range of 1.086188 target if momentum can be established.

The USDJPY in contrast has a 127 pips trade in range which is above its 107 PIP average trading range seen over the last month of trading. The price Is down for the 4th consecutive day and 5th of the last 6 trading days. The low price it did extend to and through briefly the next target area at 147.267. On further selling, the rising 100-day moving average 146.56 will be targeted.

The GBPUSD moved to and through its 100-day moving average yesterday but closed just below that moving average level. In trading today, the price moved above that level and is extending the gains. It would take a move back below the 100 day moving average of 1.25042 deter and disappoint the buyers on the break above the moving average. On the top side the price moved briefly above the high of a swing area at 1.2547. Getting and staying above that level would have traders looking toward the 50% midpoint of the move down from the July high at 1.2588.

This article was written by Greg Michalowski at Source