For the EURUSD, the price action has been up-and-down with the low prices from the Asian and early US session testing the low price from last week near 1.10256. The price is also trading below the 38.2% retracement of the August trading range at 1.10389. Admittedly the price traded above and below that 38.2% retracement yesterday and again today. Nevertheless staying below that level would give the sellers a little more of an edge from a short-term technical perspective. Conversely a move back above 1.10389 with momentum would have traders looking toward the 200 and 100 hour moving average is near 1.1074.
For the USDJPY, it too has been trading up and down. At the high, the price has able to find willing sellers against the high of a swing area between 143.39 and 143.67. The price is also currently back below its 100 hour moving average at 143.36. Stay below those levels keeps the technical bias in the favor of the sellers. Move above and we could see a rotation back toward the 144.62 area on the disappointment from the sellers.
The GBPUSD is trading higher on the day, but remains near the middle of a cluster of moving averages at 131.36 on the topside, and the 38.2% retracement of the August trading range on the downside at 130.36. The current price is trading near 130.80. Sellers are making a play but I have work to do in getting below the 38.2% retracement on the downside.
This article was written by Greg Michalowski at www.forexlive.com.