Kickstart the FX trading day for Oct 17 w/ a technical look at the EURUSD, USDJPY & GBPUSD

The ECB cut rates by 25 basis points as expected. The US data dump at 8:30 AM ET was stronger than expected with retail sales, Philadelphia Fed manufacturing, and initial jobless claims all better than expected.

In this video take a look at the three major currency pairs from a technical perspective.

• EURUSD is bearish below the 200 day MA at 1.0872.
• USDJPY is trading to a new high and now sets 149.36 as solid support if the buyers are to continue the push higher
• GBPUSD has the 1.3000 level as the key short term barometer for buyers and sellers today.

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