In the kickstart video, I take a technical look at the EURUSD, USDJPY and GBPUSD by applying certain technical tools that help traders define the bias, risk and targets. Those three things are essential to traders success.
Today, the 3 major currencies are mixed vs the USD. The EUR is little changed, the JPY is lower vs the USD, and the GBP is also lower vs the greenback.
- For the EURUSD it is below both it’s 100 and 200 hour MA but did find support buyers against the broken 38.2% of the move down from the mid-October high. A battle is on.
- For the USDJPY it broke to yet another new high gong back to January 2025, breaking a swing level at 155.88 (now support or close risk for the buyers). The next target is up at 156.77
- For the GBPUSD, it fell away from its near converged 100/200 hour MAs between 1.3150 to 1.3155 and below the 1.3100 level on its way to a swing area defined by lows and highs going back to the end of October between 1.30837 and 1.30956. Buyers came in and pushed the price off that level. Close resistance ahead of the 100/200 hour MAs is a swing level at 1.3140 area.
Watch the video to see all the levels with more detailed view of the market.
This article was written by Greg Michalowski at investinglive.com.