Key technical levels for the EURUSD, GBPUSD, USDJPY and USDCAD

The GBPUSD, USDCAD traded to new extremes last week. The EURUSD is trading sideways between up and down extremes. The USDJPY is also stuck for now. What next?

Greg Michalowski

1:46: The EURUSD is mired in an up and down range. The Asian high reached to the 38.2% retracement (at 1.0030) on the hourly chart but found willing sellers. On the downside, the 0.99515 level remains key support to get to and through.
4:12: The GBPUSD traded to the lowest level since 1985 on Friday and moved down to retest that level today but stalled just ahead of the level as risk focused traders lean (with stops below). The 38.2% did stall at the 38.2% of the move down from the high from Wednesday. If the price can't get above that easy target, the buyers are not winning. THe sellers are still in control.
6:08: The USDJPY continues to waffle in a relatively modest up and down range. The 100/200 hour MAs are near converged and remains a barometer for the buyers and sellers.
7:41: The USDCAD is trading to a new higher for the year and keeps its run to the upside intact.

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