As the week gets started there is a lack of commitment from traders today as the price moves up and down in the EURUSD, GBPUSD and USDJPY.
EURUSD. The EURUSD sellers had their shot earlier today, falling below its 50% midpoint of the December trading range. That level comes a 1.0931. However, momentum cannot be sustained in the price mode back to the upside. In the process, the price has extended back above its 100-hour moving average. That level comes in at 1.0939. If the price can stay above that moving average level, the bias is more positive.
USDJPY: THe USDJPY started the day at the high and moved lower to test a swing area between 143.929 and 144.09. Support buyers came in against the high of that swing area, and push the price back up to test the 38.2% retracement of the moved down from the November high. That level comes in at 144.698. The price rise stalled against that level. Getting above the 38.2% retracement will increase the bullish bias. Move below the swing area at 143.92-1.4409 is more bearish.
GBPUSD. The GBPUSD has been sloppy technically of late. However, the low price today did stall at the 100 hour MA at 1.26715. The bounce has taken the price back above the 200 hour MA at 1.2707 but price action around that moving average is still choppy . Nevertheless, being above it is more bullish. The question now is, Can the buyers now keep the momentum going?
This article was written by Greg Michalowski at www.forexlive.com. Source