Kickstart the FX day for Feb 28 with a technical look at the EURUSD, USDJPY and GBPUSD

As the US session begins and traders await the US PCE data at 8:30 AM ET (0.3% expected for the headline and the core PCE), the EURUSD and the GBPUSD have seen down and up price action. The USDJPY is stretching higher. US stocks are higher. Yields are lower. Of note, there has been 5 straight Friday’s of declines as traders fear the weekend news from Pres. Trump. The Dow is up 214 points, the S&P is up 15.18 points, and the Nasdaq is near unchanged now (coming off highs).

The video above outlines the key technical levels in play for the 3 major currency pair. .

EURUSD: The EURUSD is trading near a key barometer area between 1.0400 to 1.04065 as traders await the data. That level is a swing level and also the 38.2% of the move up from the February low. The 50% of the range for the EURUSD since 2022 is at 1.0405 as well. That area will be a barometer today. Move above is bullish. Move below is bearish.

USDJPY: The USDJPY has been able to extend above the 200 hour MA today and looks toward the 38.2% of the last move lower from the February high. That level is joined by a swing low going back to Feb 7. That level comes in at 150.933. Get above and the door opens for more upside momentum.

GBPUSD:The GBPUSD is testing the broken 38.2% of the move down from the September high. That comes in at 1.26087. If the price gets above that level the cluster of MAs come in between 1.2631 to 1.26395. That area was a key level earlier this week, and remains a key level today on more upside momentum.

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