November 04, 2024 at 02:14PM
The USD is lower to start the trading week (helped by the Pres. Polls over the weekend). The moves in the 3 major currency pairs did move to corresponding technical targets and stalled.
EURUSD: For the EURUSD, it move up to test the 50% midpoint of the move up from April 2024 low and the swing area at 1.09069 and 1.09126. Sellers leaned near the high of that area and stalled. It will take a move above that level to increase the bullish bias. On the downside, the 100-day MA and high of swing area (around 1.0869) will need to be broken to increase the bearish bias today and going forward.
USDJPY: The USDJPY moved down to test the 200-day MA at 151.556 in the early Asian and early US session and found buyer. It will take a move below that MA (and stay below) to tilt the bias a little lower (at least in the short term) with work to do. The rising 100 bar MA at 151.527, the 50% midpoint of the range since July high at 150.757 and the 100 day MA at 150.355 are targets on the downside that would need to be broken to increase the bearish bias.
GBPUSD:The technical story in the GBPUSD is focused on 1.30000. The broken 38.2% is at that level (since April low). The 100 bar MA on 4-hour chart is at 1.2992. The 100-day MA is at 1.29807. The price is back below those levels. It would take a move above all – and stay above – to increase the bullish bias. On the downside, the 1.2938 needs to be broken to increase the bearish bias.
This article was written by Greg Michalowski at www.forexlive.com.
