EURUSD, GBPUSD, USDCAD reach some key levels. The ranges are extended.

The USD went on a tear this morning and ran to some key technical targets. That has slowed the trend at least temporarily.

In addition, the ranges in some pairs are a bit extended.

Looking at the chart above, the EURUSD has a 118 pip trading range now. That is higher than the 81 pip average over the last 22 trading days (around a month).

The GBPUSD has a 121 pip range vs a 107 average.

The USDCAD has a 133 pip range vs an 88 pip average.

We will see if it leads to a bigger correction.

EURUSD.

The EURUSD tested a swing low from December 2017 and the low from last week at 1.18166-21. The low reached 1.1819.

GBPUSD

The GBPUSD tested and briefly traded below the January 2018 low at 1.34569 and the low from last week at 1.3459. The low traded to 1.34502. The pair also fell below the 38.2% at 1.3463. However, the price is back above those levels. A move below that area is needed for the next run lower. The GBPUSD has traded above and below the 200 day MA for 8 straight days (at 1.35514). The run lower today give the sellers the opportunity to move away. Can it do it and get below the support area in the 1.2350-63 area now?

USDCAD

The USDCAD raced higher to test the 50% and swing levels in the 1.2914-268 area. The high stalled at 1.2925 today. The price is taking a breather with a dip back below the 1.2900 level.

USDJPY

The USDJPY did make a break. It moved above its 200 day MA at 110. 161. The current price is at 110.299. The high reached 110.38. As long as the price stays above the 200 day MA, the bulls are in control.

Now, there may be a pause, but the pairs have also trended. If the aforementioned key levels are broken, the trend can continue. Also be aware that dollar buyers could also be waiting for the correction to buy into. So be sure to eye correction targets as well.

For the EURUSD, the 1.1864 to 1.1878 is the 38.2-50% of the move down today. Stay below keeps the sellers more in control.

For the GBPUSD, we just moved above the 1.34834-86 area. That was a risk level. The 1.3497-1.3511 is the 38.2% to 50% retracement (see chart below).

For the USDCAD the 38.2%-50% of the move up today from the swing low at 1.2806 to the high today comes in at 1.2865-79. That area has to hold on a correction lower.

For the USDJPY, since it broke key resistance at the 200 day MA, that MA is a key level to stay above at 110.16. A move below would disappoint the buyers.