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

The USD is higher coming into the US trading session. This video I take a look at Big 3 pairs from a technical perspective – the EURUSD, USDJPY and GBPUSD.

• The EURUSD has moved down to test its broken 61.8% retracement of the move-down from the March high to the April low. The level also corresponds with the 100-hour moving average near 1.0835 increasing the levels importance from a technical perspective. That level will be the barometer for both buyers and sellers today and going forward. Beware.
• The USDJPY will tire yesterday and also above a key resistance area near 154.80. The momentum has continued in training today with the price moving above both its 200-hour moving average and 100-hour moving average at 155.54 and 155.68. Those moving averages will act as the key barometer/support today. Staying above is more bullish. Moving below is more bearish.
• The GBPUSD moved above its 100-day moving average on Wednesday after the CPI/retail sales/year manufacturing index came in weaker than expectations. The price high this week stalled ahead of the next target near 1.2707 and has rotated back down yesterday and again today. However, the low prices have been able to stay above the aforementioned 100-day moving average at 1.2631. If the price can stay above the 100-day moving average, the buyers are more control

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