The video above outlines the technical’s driving the major currency pairs including the EURUSD, USDJPY and GBPUSD.
For the EURUSD, the pair moved down and back up in trading today, and in the process as moved up – and above – the 200-day moving average of 1.08413. However, the break above that level has not been able to extend above it 100-day moving average at 1.0852 area. The price is currently just back below the 200-day moving average as buyers and sellers battle it out near moving average levels on the hourly and daily charts
The USDJPY is waffling up and down in trading today. It did the same thing yesterday. In the process, it too is trading near a key daily moving average. For it, it is its 100-day moving average at 147.57. That moving average and the following 100-hour moving average at 147.65 and 200-hour moving average at 147.85 represent topside targets to get to and through if the buyers are to take more control. Conversely, sellers can lean against these moving averages with stops on a break above.
The GBPUSD is trading lower ahead of the Bank of England rate decision on Thursday, and in the process is retesting its 50% midpoint of the move up from the mid-December load to the December high. That level comes in at 1.26629. The 50% midpoint will be the barometer for buyers and sellers. Stay above is more bullish. Move below is more bearish.
This article was written by Greg Michalowski at www.forexlive.com. Source