The US jobs report has come and gone, with hurricanes and strikes influencing the number. You can find out the details HERE.
What has happened technically.
In the video above, I outline the key technical levels in play for the EURUSD, USDJPY and GBPUSD and explain why. THe USD is lower but will that trend continue? You need to know. You can find out in the above video.
EURUSD: EURUSD moved higher, breaking above the 200-day moving average (MA) and swing area near 1.0870, which now serves as support. Staying above this level signals a more bullish outlook. Key resistance levels are the weekly high at 1.0888 and the 50% retracement of the range since April at 1.09069. The 200-day MA remains critical for sustained upside momentum.
USDJPY: USDJPY tested the swing area between 151.85 and 151.93. A move below this range would bring the 200-day MA at 151.53, the 50% retracement at 150.75, and the 100-day MA at 150.405 into play. For sellers to regain medium- and long-term control, these levels need to be broken and sustained below.
GBPUSD: GBPUSD moved above the key swing area at 1.2938, with continued support above this level essential for short-term bullish control. The next target is the 100-day MA at 1.29784, which needs to be broken and held to strengthen the bullish bias. Above that, the 1.3000 level serves as both a psychological resistance and a confluence zone with the 38.2% retracement since April and the 100-bar MA on the 4-hour chart, making it a key level to watch today and going forward.
This article was written by Greg Michalowski at www.forexlive.com.
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