October 01, 2024 at 02:13PM
In the kickstart video for October 1, take a technical look at the EURUSD, USDJPY and GBPUSD. What are the trading biases? Where are the target? Where are the risks?
In the EURUSD, the price moved sharply lower helped by weaker PMI and/CPI data. The next key target area comes between 1.1061 and 1.10678. That will be the barometer for both buyers and sellers. Stay above is more bullish. Move below is more bearish.
In the USDJPY, the high price today stalled between the 50% midpoint of the move down from the August high to the September low at 144.48, and the 50% midpoint of the trading range on the daily chart since January 2023 low at 144.58. If the price is going higher, getting above that area would be more bullish. On the downside, a move below the 100 and 200-hour moving averages between 143.66 and 143.82 is needed to increase the bearish bias.
In the GBPUSD, the price fell below its 200-hour moving average of the first time since September 12. That increased the bearish bias. The price also fell below a swing area between 1.3330 and 1.3339. That area will be close resistance in the new trading day. On the downside watch 1.3311 (was the low price from September 25 and September 26). Getting and stay below that level would have traders looking toward the 38.2% retracement of the move up from the September low (at 1.3268).
This article was written by Greg Michalowski at www.forexlive.com.
