In the kickstart video, I look at the 3 major currencies – the EURUSD, USDJPY and GBPUSD.
For the EURUSD, it based yesterday at the 50% midpoint of the move down from the December 2023 high (see video yesterday “EURUSD bounces off the 50% midpoint, giving the buyers the “go-ahead” to push higher”). That gave traders the go-ahead to push higher and indeed the price pushed higher today. The move to the upside has now extended by the 61.8% retracement at 1.0933 and tests the high going back to March 21 at 1.0942. Above that level and chairs aside to target the other high prices from March at 1.0963 and 1.0981.
The USDJPY cracked below the the lows from last week and Monday’s low as well and sellers added on. The move lower took the price down to the 38.2% of the longer term move up from the March 2024 low at 156.018. That was just above the natural support at 156.00 as well. Going forward, the low from earlier this week at 157.12 will be eyed now as close risk. The price should stay below that level on any bounce, but be sure, the 156.00 also needs to be broken to show the sellers are more serious.
The GBPUSD extended above the 1.300 level for the first time since July 2023. Getting above the natural target level now that’s it as the close risk level for buyers on the break. Stay above is more bullish. The 2023 high price of 1.3141 is the next upside target on more momentum.
This article was written by Greg Michalowski at www.forexlive.com.
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