As the week gets started, the three major currency pairs are getting their feet under them. For the EURUSD and GBPUSD, they are both trading up and down. Meanwhile, buyers in the USDJPY are pushing to the upside and extending above the key 200 hour MA at 147.07.
The EURUSD is trading above and below the 100 hour MA and 38.2% both at 1.0919. That level will be a barometer for both buyers and sellers to start the trading week today. On the topside, a swing area between 1.09419 and 1.09477 are the next key topside targets. On the downside, the rising 200-hour moving average and the 50% midpoint of the move-up from the August low to the August high comes in at 1.0892. That is the next support target.
The USDJPY Is moving higher and has broken above the 200-hour MA at 147.06. The price has not traded above its 200-hour moving average since July 11. The hive from last week at 147.88 is the next key target to get to and through to increase the bullish bias.
The GBPUSD is trading within a swing area between 1.27529 and 1.2777. At some point the price will move away from that area. On the topside the 100 and 200 bar moving averages on the 4-hour chart coming near 1.2819. On the downside, the 100-day and 200-day moving averages between 1.2686 and 1.2660 are the downside targets.
This article was written by Greg Michalowski at www.forexlive.com.
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