July 26, 2024 at 02:20PM
In the kickstart video for July 26, 2024, I take a look at three other major currency pairs from a technical perspective – the EURUSD, USDJPY and GBPUSD.
The EURUSD is trading up and down over the last three trading days. In the buyer’s favor, the low price today stalled ahead of its 38.2% retracement of the move-up from the June low. That level comes in at 1.08394. Moving below that level would increase the bearish bias and have traders looking toward the 200-day moving average 1.0815. On the top side, the 1.0872 area is a swing level. Watch the video and find out about it.
The USDJPY is seeing some upside momentum today after it held a key support level yesterday (finally). The USDJPY fall is being blamed for the decline in US stocks this week on the upwind of the carry trade (maybe a little). Nevertheless traders are watching the movement in the USDJPY to take trading clues in stocks. Technically, the USDJPY moved into a swing level between 154.52 and 154.87 and found sellers. The broken 38.2% of the move up from the December 2023 comes in at 153.65. Watch that for support.
THe GBPUSD – like the EURUSD – is consolidating in up-and-down trading today. What sex out on its chart is the ability to stay up on a broken trendline (see video). The 1.2844 – 1.2860 swing area is also in play on the downside. On the top side, traders will watch 1.2879 (38.2% retracement of the move-up from the June low), and the 100 bar MA on the 4-hour chart at 1.2892 is resistance
Find out all about it in the video. Be sure to like, share and if you have comments, put them in this post. I would love to hear from you.
This article was written by Greg Michalowski at www.forexlive.com.
