Kickstart your trading day for October 31 with a technical look at the EURUSD, USDJPY and GBPUSD. What levels are in play and why. All is explained in the above video.
EURUSD: The EURUSD has been confined between 1.07609 and 1.08725 over the last few weeks. As the US session gets underway, the high of that swing area is being broken. Buyers are making a play. Only topside the 50% midpoint of the move up from the April low comes in at 1.09069. That is the next target followed by the 100-day moving average 1.09356. If the price starts to break back below the 200-day moving average at 1.0868 momentum and then falls below the 100-bar moving average on the 4-hour chart at 1.08566, buyers would likely turn back to sellers.
USDJPY: The USDJPY will European session today, and in the process has moved down to test the swing area near 151.90 (151.86 to 151.937). The low price reached 151.91 and bounced. On the topside, the highs from Monday and again on Tuesday stalled near the swing high going back to the end of July at 153.88. KEY level. Overall, the price trades between the support in 151.90 and resistance at 153.88 (current price is at 152.79).
GBPUSD: The GBPUSD bottomed yesterday and again today and a key support target at 1.2938. The price bounced on each day. Today, the price has moved back between the 100 day moving average at 1.2976 and the 100 bar moving average on the 4-hour chart at 1.3009. Move above that level and traders would target the broken 50% midpoint of the move up from the August low at 1.30488.
On the wide, support at 1.2938 and resistance at 1.30488. Traders will be waiting for the next shelf
This article was written by Greg Michalowski at www.forexlive.com.
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