In the kickstart video, I take a look at the 3 major currency pairs:
EUR/USD Summary
The EUR/USD continued its downward trend due to concerns over slower economic growth and increased tariffs under President-elect Trump.
Key Points:
-
Initially rose in the Asian session, but sellers took control near 1.0665-1.06703 swing area. That area was the lows from back in June.
-
Staying below the lows from June kept the sellers in control
-
Reached a low of 1.0606, testing April’s swing lows and the year’s lows (since October 2023). A move below the 1.0600 increases the bearish bias.
-
Buyers may lean against the low as risk can be defined and limited against the level with stops on a break below.
——————————————-
USD/JPY Summary
The USD/JPY exhibited volatility, with potential bullish signals.
Key Points:
-
Rose yesterday, then stalled between 153.59-153.88 (swing area).
-
Found support at 153.397 (61.8% of July’s move down).
-
Broke above 153.88 (bullish signal).
-
Next targets: 154.54-155.09.
Outlook:
Bullish Scenario
Stay above 153.88, targeting 154.54-155.09.
Bearish Scenario
Move below 153.397 increases short-term bearish bias.
————————————————–
GBP/USD Summary
The GBP/USD fell, breaking below two-week lows and the 200-day MA.
Key Points:
-
Broke below last week’s low (1.28329) and 200-day MA (1.28178).
-
Reached 1.27915, then bounced.
-
Traded above and below 200-day MA.
Outlook:
Bullish Scenario
Move above 1.28329, 1.2844, and 1.2866 (50% of April’s move) indicates buyer strength.
Bearish Scenario
Stay below 1.28329 and 1.2844 maintains seller confidence; breaking below 200-day MA again confirms bearish trend.
This article was written by Greg Michalowski at www.forexlive.com.
Source link
