Kickstart your forex trading with a technical look at the technicals driving the EURUSD, USDJPY and GBPUSD.
EURUSD: The EURUSD continued its move to the upside after stalling the fall yesterday ahead of the 100-hour MA. That move made it to a key technical swing area and retracement at the 1.0606 to 1.0616 area on the hourly chart and the broken 38.2% on the daily chart (from September 2022 low to the July 2023 high) at 1.0610. The high price reached 1.06105 and has rotated back down to the 38.2% of the move down from the September high at 1.05709. So support held at the 38.2%. Resistance stalled the rally. The levels are set.
USDJPY: The USDJPY fell in the Asian session to a swing area between 148.16 and 148.284. The rotation back to the upside has taken the prize back above the 100-hour moving average 148.855, but has been able to stay below the 200-hour moving average at 149.15. Trading between those levels that put the pair back in a neutral area where buyers and sellers can battle it out. Break outside of it, and look for momentum in the direction of the break. The price is higher today but there is work to do to increase the bullish bias.
GBPUSD: The GBPUSD traded up and down in the Asian session, and extended higher in the European session. The high price took out the high price from September 29 at 1.22715, but could not sustain momentum. The price has rotated back down toward the 38.2% retracement of the move down from the September 12 high at 1.22316. That dip is so far holding. There is a swing area between 1.2219 1.22316 that would need to be broken to increase the bearish bias. Move below it and the 100-hour moving average 1.2188 will be targeted. Recall from yesterday, both the 100 and 200-hour moving averages stalled the fall increasing the levels important going forward.
