Kickstart the US trading day with a technical look at the EURUSD, USDJPY and GBPUSD

In the video above, I kickstart the US day with a technical look at the 3 major currency pairs - the EURUSD, USDJPY and GBPUSD. For EURUSD, yesterday’s price action found support at the 100-hour moving average, with several failed attempts to break above the 200-hour moving average. Today, the pair opened between the two moving averages and initially broke below the 100-hour level, only to rebound. The subsequent rally, however, stalled just short of the 200-hour moving average—reversing the dynamic seen on Wednesday. The pair is now trading back below the 100-hour MA. The key question is whether bearish momentum can build from here, or if the pair will once again revert to the neutral range between the two hourly moving averages.The USDJPY traded above and below it's 200 hour MA yesterday (currently at 142.27),but started to move higher in the Asian Pacific session today. The move higher has now the price back above its 100 hour moving average at 142.878. Can the price now stay above that moving average and push more to the upside? Conversely will we see a failure on the break and rotation back to the downside?For the GBPUSD technically, it extended to the highest level point back to February 2022 yesterday I a move above the 2024 high at 1.34334. The high price could only reach 1.344134 rotated back to the downside. In trading today, the price in the Asian Pacific session moved down to test the low from yesterday near 1.3379. After bouncing, momentum has increased to the downside and the price is starting the US session testing its rising 100 hour moving average 1.33538. Below that is the 200 hour moving as 1.33396. Getting below both those moving averages is needed to increase the bearish bias from a technical perspective in trading today. Conversely, buyers could lean against his moving averages with a stop below in hopes four a rebound back to the upside and back toward the new highs going back to 2022.US and Canada GDP will be released at 8:30 AM.. Pending home sales will with personal income and personal spending will be released at 10 AM. US stocks are mixed to start the US trading session. The technology heavy NASDAQ index is trading lower as is the S&P index. Late yesterday SMCI (Supermicro computers) preannounced earnings which were disappointing. The NASDAQ is down -116 points the S&P is down -16 points while the Dow industrial average is up 41 points I This article was written by Greg Michalowski at www.forexlive.com.

In the video above, I kickstart the US day with a technical look at the 3 major currency pairs - the EURUSD, USDJPY and GBPUSD. For EURUSD, yesterday’s price action found support at the 100-hour moving average, with several failed attempts to break above the 200-hour moving average. Today, the pair opened between the two moving averages and initially broke below the 100-hour level, only to rebound.

The subsequent rally, however, stalled just short of the 200-hour moving average—reversing the dynamic seen on Wednesday. The pair is now trading back below the 100-hour MA. The key question is whether bearish momentum can build from here, or if the pair will once again revert to the neutral range between the two hourly moving averages.

The USDJPY traded above and below it's 200 hour MA yesterday (currently at 142.27),but started to move higher in the Asian Pacific session today. The move higher has now the price back above its 100 hour moving average at 142.

878. Can the price now stay above that moving average and push more to the upside? Conversely will we see a failure on the break and rotation back to the downside? For the GBPUSD technically, it extended to the highest level point back to February 2022 yesterday I a move above the 2024 high at 1.34334.

The high price could only reach 1.344134 rotated back to the downside. In trading today, the price in the Asian Pacific session moved down to test the low from yesterday near 1.

3379. After bouncing, momentum has increased to the downside and the price is starting the US session testing its rising 100 hour moving average 1.33538.

Below that is the 200 hour moving as 1.33396. Getting below both those moving averages is needed to increase the bearish bias from a technical perspective in trading today.

Conversely, buyers could lean against his moving averages with a stop below in hopes four a rebound back to the upside and back toward the new highs going back to 2022. US and Canada GDP will be released at 8:30 AM..

Pending home sales will with personal income and personal spending will be released at 10 AM . US stocks are mixed to start the US trading session. The technology heavy NASDAQ index is trading lower as is the S&P index.

Late yesterday SMCI (Supermicro computers) preannounced earnings which were disappointing. The NASDAQ is down -116 points the S&P is down -16 points while the Dow industrial average is up 41 points I.