Kickstart the FX trading for July 22 w/a technical look at the EURUSD , USDJPY & GBPUSD

The kickstart video each day looks at the 3 major currency pairs from a technical perspective. Those 3 pairs include the EURUSD, USDJPY and GBPUSD.

To start the trading week, the price action is mostly up-and-down in those three major currency pairs.

EURUSD: The EURUSD moved higher but fell just short of its resistance target at the 100-hour moving average at 1.0904, peaking at 1.0902. It then moved lower and fluctuated around its 200-hour moving average at 1.0887. If the price stays below this level and falls below Friday’s low of 1.0875, it would open the door for more selling with a swing area between 1.0853 and 1.0861 as the next target. Below that any 38.2% retracement at 1.08394 would be targeted..

USDJPY: The USDJPY fell during the late Asian and early European sessions to a low of 156.338, then rallied to 156.81. The subsequent decline moved away from its falling 100-hour moving average at 157.204, which remains a key level for buyers and sellers. Staying below this level favors sellers, with 156.57 as support. A break below this support could trigger further downside momentum.

GBPUSD: The GBPUSD has seen volatile trading, but recent upward movements faced resistance at the 200-hour moving average of 1.2941, keeping sellers in control short term. For further downside, it needs to break below Friday’s low of 1.2917 and aim for the 38.2% retracement level from the June 27 low at 1.28789. Breaking this level would reinforce seller dominance.

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