In the kickstart video, I take a look at the three major currency pairs, the EURUSD, USDJPY and GBPUSD, and outline the technical levels in play.
The EURUSD moved higher in training today but did find resistant sellers against the swing below going back to February 2024. That level was the old below for the year until a few weeks ago when broke. Staying below that level at 1.0694, keeps the sellers more in control.
The USDJPY inched to a new 30+ year high reaching a 154.855. The 155.00 is considered a level that the Bank of Japan might look to intervene to slow the JPYs decline. Having said that, the 100-hour moving average below at 154.57 is not been tested. The current price trades at 154.82. It would take a move below the 100-hour moving average to increase bearish bias.
Speaking of the 100-hour moving average, that moving average was tested in early US trading in the GBPUSD. That law comes at 1.2406. Going forward today, it would take a move above that level to give the buyers more confidence. Absent that, and the sellers are still in more control
This article was written by Greg Michalowski at www.forexlive.com.
Source link
