Kickstart the FX trading day for Oct 28 w/a technical look at the EURUSD USDJPY & GBPUSD

October 28, 2024 at 01:39PM
EURUSD:

Key Levels:

100-hour MA: 1.08014 (current support)

200-hour MA: 1.08244 (current resistance)

Recent Price Action:

EURUSD moved above 100-hour MA on Thursday

Touched and slightly broke 200-hour MA on Friday, but couldn’t sustain momentum

Fell back below 100-hour MA to 1.07813, then rebounded

Currently trading between 100-hour MA and 200-hour MA

Current Outlook:

Awaiting next directional move

Holding above 100-hour MA is bullish, while moving below it could lead to further selling

Break above 200-hour MA could signal further upside momentum

USDJPY:

Key Levels and Support:

100-hour MA at 152.149 (and moving higher) is key support today and going forward

200-day MA provided support on Friday

151.90 area will be eyed if price moves below 100-hour MA

Recent Price Action:

USDJPY fell to test 200-day MA and 100-hour MA on Friday, then bounced higher

Price gapped higher today, reaching 153.87 (just shy of July 31 swing high)

Low of current 4-hour bar is 152.45

Resistance and Targets:

61.8% retracement level of move down from July high at 159.397

Buyers may make another run to 61.8% level if price stays above 100-hour MA

Overall Outlook:

Holding above 100-hour MA is bullish, while moving below it could lead to further selling.

GBPUSD:

Key Levels:

Support:

1.2938 (swing area)

1.29627 (100-hour MA)

1.29701 (100-day MA)

Resistance:

1.29878 (200-hour MA)

Recent Price Action:

GBPUSD moved lower today, bottomed near 1.2938 swing area

Bounced higher, moving above 100-hour MA and 100-day MA

Found support near 1.29627-1.29701 area over the last few hours

Current Outlook:

Break above 200-hour MA (1.29878) would increase bullish bias

Failure to stay above 200-hour MA has occurred twice in the last two weeks

Holding above 100-hour MA and 100-day MA is bullish, while moving below 1.2938 would be bearish

Key Takeaway:

Buyers need to sustain prices above 200-hour MA to confirm bullish momentum.

This article was written by Greg Michalowski at www.forexlive.com.