Kickstart the FX trading day for Oct 28 w/a technical look at the EURUSD, USDJPY & GBPUSD

EURUSD:

Key Levels:

• 100-hour MA: 1.08014 (current support)

• 200-hour MA: 1.08244 (current resistance)

Recent Price Action:

• EURUSD moved above 100-hour MA on Thursday

• Touched and slightly broke 200-hour MA on Friday, but couldn’t sustain momentum

• Fell back below 100-hour MA to 1.07813, then rebounded

• Currently trading between 100-hour MA and 200-hour MA

Current Outlook:

• Awaiting next directional move

• Holding above 100-hour MA is bullish, while moving below it could lead to further selling

• Break above 200-hour MA could signal further upside momentum

USDJPY:

Key Levels and Support:

• 100-hour MA at 152.149 (and moving higher) is key support today and going forward

• 200-day MA provided support on Friday

• 151.90 area will be eyed if price moves below 100-hour MA

Recent Price Action:

• USDJPY fell to test 200-day MA and 100-hour MA on Friday, then bounced higher

• Price gapped higher today, reaching 153.87 (just shy of July 31 swing high)

• Low of current 4-hour bar is 152.45

Resistance and Targets:

• 61.8% retracement level of move down from July high at 159.397

• Buyers may make another run to 61.8% level if price stays above 100-hour MA

Overall Outlook:

• Holding above 100-hour MA is bullish, while moving below it could lead to further selling.

GBPUSD:

Key Levels:

• Support:

• 1.2938 (swing area)

• 1.29627 (100-hour MA)

• 1.29701 (100-day MA)

• Resistance:

• 1.29878 (200-hour MA)

Recent Price Action:

• GBPUSD moved lower today, bottomed near 1.2938 swing area

• Bounced higher, moving above 100-hour MA and 100-day MA

• Found support near 1.29627-1.29701 area over the last few hours

Current Outlook:

• Break above 200-hour MA (1.29878) would increase bullish bias

• Failure to stay above 200-hour MA has occurred twice in the last two weeks

• Holding above 100-hour MA and 100-day MA is bullish, while moving below 1.2938 would be bearish

Key Takeaway:

• Buyers need to sustain prices above 200-hour MA to confirm bullish momentum.

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