September 03, 2024 at 02:27PM
In the kickstart video, I take a technical look at the EURUSD, USDJPY and GBPUSD.
For the EURUSD, it moved down to test the 38.2% retracement of the August trading range near 1.10389 but has since bounced back to the upside. If the sellers are to take more control they need to get and stay below that retracement level. The 100-hour moving average at 1.1078 remains key topside target.
For the USDJPY, it has moved down toward its 100-hour moving average and 50% midpoint of the August trading range. Both those levels come in at 145.534. That will be the key barometer for traders going-forward at least in the short-term. Stay above and the buyers hold the advantage. Move below and sellers take back more control with the 200-hour moving average at 145.207 another level to get below to increase the bearish bias.
The GBPUSD did fall below the low from last Friday, but only briefly before rebounding higher. The price remains below its falling 100 hour moving average of 1.31588 and 200-hour MA at 1.31686. Both of those moving averages would need to be broken to give the buyers more control. On the downside, the move lower off the highs from last week are still way above the 38.2% of the August trading range which saw the pair trend higher for most of the month. That level comes in at 1.3036. The low today reached 1.3108.
This article was written by Greg Michalowski at www.forexlive.com.
