EURUSD Update
Key Points
-
EURUSD moved higher yesterday but faced selling pressure at the 100-hour MA.
-
Breaking above the 100-hour MA and 200-hour MA is needed to confirm a bullish trend.
-
Today’s price action pushed down to a key swing area (1.07609-1.07767) and is now breaking below that area. Stay below is more bearish. .
-
A break below this area increase downward momentum, targeting election lows at 1.06819.
Trading Bias
-
Bullish: Above 100-hour MA and 200-hour MA
-
Bearish: Below 1.07609-1.07767 swing area
—————————————————
USDJPY Update
Key Points
-
USDJPY tested and broke below 100/200-hour MA yesterday but rebounded in the Asian session.
-
Price tested 61.8% retracement level (153.397) o fthe move down from July but failed to break above.
-
Subsequent re-break below 100/200-hour MA sparked increased selling.
-
Swing area between 151.75 to 151.937
-
200-day MA (151.67)
Key support levels:
Trading Bias
-
Bearish: Below 100/200-hour MA, targeting 151.67
-
Bullish: Above 153.397, confirming uptrend
Key Level to Watch
- 200-day MA (151.67)
GBPUSD Update
—————————————————
Key Points
GBPUSD is clustered around key Moving Averages (MAs):
- 100-day MA: 1.29921
-
100-hour MA: 1.29486
-
Other support swing level: 1.2938
Trading Bias
-
Bearish: Breaking below 1.2938 increases bearish bias and seller confidence.
-
Bullish: Sustaining above 1.29486 and extending above 1.2992 (100 day MA) confirms uptrend.
Market Analysis
-
Buyers failed to sustain above 100-day MA yesterday.
-
Sellers took control after 100-day MA stalled Asian high today.
-
Sellers now targeting break below 1.2938. Move below opens the door for the sellers to push to the downside.
Key Level to Watch
-
1.2938: Breakdown increases bearish momentum.
This article was written by Greg Michalowski at www.forexlive.com. Source