Kickstart the FX trading day with a technical look after the CPI data

EURUSD Summary

The EURUSD failed to break below 1.0601 (2024 lows) for the second time, bouncing back to 1.06428.

Key Levels:

Resistance:

• 1.0649 (May 1 low)

• 1.0665-1.0670 (June triple bottom

Support:

• 1.0600. The old low for the year from APril

• The low from yesterday and today near 1.05926

• Lower at 1.0483-1.0533 (swing area)

Outlook:

Buyers need to break resistance levels to gain momentum, otherwise sellers remain in control

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USDJPY Summary

The USDJPY reached 155.23, slightly above the 155.21 swing area resistance, before pulling back.

Key Levels:

Resistance:

• 155.21-23 (swing area)

Support:

• 154.54 (short-term support). The current price is breaking below that level. Stay below keeps the sellers in play with work to do

• 153.88 (July 31, Oct 28-29 swing highs)

• 153.397 (61.8% retracement of July’s downtrend)

Outlook:

Buyers remain in control unless the price breaks and stays below 154.54. On the topside, a break above 155.21-23 could fuel further upside momentum, while a break below 154.54 may lead to further downside.

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