Kickstart your FX trading for April 18, 2024, with a technical look at the 3 major currency pairs – the EURUSD, USDJPY and GBPUSD.
The EURUSD moved to a new session high for the week and above a swing area between 1.0655 and 1.0675, but could not extend above the February 1.0694 target. Buyers have turned to sellers. The price is back within the aforementioned swing area.
The USDJPY backed off from the highest levels since 1990 on Tuesday at 154.78. Today the corrective low was able to get below its rising 100-day moving average (currently at 154.174), but COULD NOT get below the 38.2% retracement of the last trend moved to the upside at 153.94. Sellers turned to buyers. The price is back above the 100-day moving average. The buyers are still in control.
The GBPUSD has been trading up and down this week. Yesterday and today, the price has been trading above and below its 50% midpoint of the move up from the October 2023 low. That level comes at 1.24646. Stay below that level, and will below the swing area between 1.2427 and 1.2449, would increase the bearish bias technically.
This article was written by Greg Michalowski at www.forexlive.com. Source