Kickstart the FX trading day with a technical look at the major currency pairs – the EURUSD, USDJPY and GBPUSD.
The EURUSD has been trading up and down over the last few trading days. What is somewhat unique to today’s price action, is that the price is trying to stay above its 100 hour moving average. That moving average currently comes in at 1.1164. Below that MA, the 200-hour moving average did hold support in the US session on Friday.
If the price can stay above that moving average, the upside remains in play and the buyers are more in control technically. The problem is that the price highs last week and today has a lot of apprehension above the 1.12000 level. The high price last week only reached 1.1213. The high price today was at 1.1208. If the buyers are to take control they need to get and stay above the 1.12000 level. The next upside target on a break with look toward 1.1271 which was near the July 2023 high at 1.1274. Also is the 61.8% retracement of the move down from the 2021 high at 1.1271.
The USDJPY seven continued in the Asian/curly European session today, but consular buyers near 141.69 – 141.94 swing area. The subsequent balance has retraced back toward the high toward 142.95. On further momentum, there is a cluster of technical levels starting at 143.32 up to 143.76. With the price currently at 142.79, it is between support at 141.69 and resistance up to 143.76.
The GBPUSD is trying to hold support against its 100 hour moving average once again. On Thursday and Friday and again today, the price has seen trading above and below that moving average but each dip below has been able to find buyers and push back above. The price is starting the US session right near that 100-hour moving average currently at 1.3381, and well remain a key barometer for the pair at least in the short term (above is more bullish/below is more bearish).
Although buyers are leaning near the 100-hour moving average, the upside has been limited with high prices on Friday lower than the high price on Thursday and the high price today lower than the high price on Friday. The high price today reached 1.3417. The high price on Thursday reach 1.34334. That area would need to be broken and stay broken to increase the bullish bias.
