A look at the technicals for the major currency pairs

Technical Analysis

Author: Greg Michalowski | eurusd

What are the technicals saying?


The EURUSD started the NY session above the 200 day and 200 hour MAs at 1.1136-377 area. The low for the day held just above that level at 1.11396.  The high price extended up to 1.11628, and just above the 50% retracement of the move down from the December 31 high at 1.11615. The price rotated lower to 1.1143 before moving back toward the high. The most recent high has stalled just ahead of the 50% at 1.11615.   It will take a move above the 50% level to give buyers more control (and stay above).  On the downside the 200 hour/200 day MA remains the key borderline for bulls. Stay above bullish. Move below is more bearish. 


The USDJPY dipped to test the rising 100 hour MA (blue line) and bounced. The high stalled ahead of the underside of the broken trend line.  The price trades between those technical levels.  Holding above the 100 hour MA and then the swing area at 109.675 to 109.723 keeps the buyers in control.  The swing area was a ceiling for the USDJPY going back to December 2. 



The GBPUSD is back above the 100 hour MA at 1.30246 and trying (again) to extend higher. If this is the one (it was failed a number of times today), the 38.2% at 1.30522, the 200 hour MA at 1.30693 and the 50%/topside trend line at 1.30827 area are targets.  

A move back below the 100 hour MA and then the 1.30122 SHOULD solicit more selling momentum on the failed run higher.  

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