Kickstart the FX trading day for Oct 22 w/a technical look at EURUSD, USDJPY and GBPUSD

In the above video, I take a technical look at the 3 major currency pairs

• EURUSD: The EURUSD held below the 200-day MA and 61.8% of the move up from the June low near 1.0874 yesterday (bearish). The price low yesterday and today is pushing toward the low from last week at 1.0810. Move below would target 1.07767. Move below that level and traders would target a swing area between 1.07198 and 1.07346
• GBPUSD: Traders have been targeting the 100-day MA and the 61.8% of the move up from the August low at 1.2962 and 1.2958. The low price today reached within 3 pips of the 100-day MA at 1.2965 and bounced to 1.2984. Break below targets and 1.2938 followed by 1.2844 to 1.2867. The overhead resistance is at 1.3000 where the low from September 11 bottomed (before bouncing). PS the price did break above the 1.3000 but the high price today also stalled at the falling 100 hour MA. That level comes in at 1.3010. So 1.3000 to 1.3010 is really my best topside resistance/bias-defining level. It would take a move above to turn the bias around.
• USDJPY: The USDJPY has broken above the 100-day MA at 150.75 and the 50% of the move down from the July high at the same level. The price trades at 150.83. Staying above keeps the buyers in firm control (look for more upside probing – the 200 day MA is up at 151.345 as an intermediate target). Move below with momentum, and we should see buyers turn to sellers. For now, buyers in control.

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