In the kickstart FX trading video for June 10, I take a look at 3 major currency pairs – the EURUSD, USDJPY and GBPUSD.
The EURUSD is sharply lower as the markets reacted negatively to higher rates and the European elections. France’s Macron called a snap election of the parliament on the results which shifted more to the right unsettling the applecart in Europe. Technically, the price fell below its 200-day moving average and the 50% midpoint of the move up from the May low. Both those levels came near 1.0785. Staying below kept the sellers more in control. On the downside, there is support near 1.07220 and 1.0734.
The USDJPY moved higher on Friday after the US jobs report and in the process moved above its 200 hour moving out at 1.56424. The corrective move on Friday did find support buyers near that level and modestly rose into the close. In trading today they price move higher to test the sweet level going back to May 23 at 157.20 and backed off. The price is trading between the 200 day moving average below at 156.42 and the swing area above at 157.20.
The GPBUSD continues to move lower in trading today and tested a swinger between 1.2674 and 1.26858. The price has bounced higher currently trading at 1.2709 and in between the 100 bar moving average on the 4-hour chart on the topside at 1.2737 and the aforementioned swing area below.
This article was written by Greg Michalowski at www.forexlive.com.
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