Kickstart your FX trading with a technical look at the EURUSD, USDJPY and GBPUSD | Forexlive

In the morning FX kicks our video for November 4, 2023, I take a look at the EURUSD, USDJPY and GBPUSD from a technical perspective.

EURUSD: The EURUSD is on the path for its 4th consecutive move to the downside. Recall on Friday, the price got close to its 200 day moving average 1.08196 and bounced. The price did extend back above the 50% midpoint of the trading range for 2023 at 1.08618 (and close above that level on Friday). Over the prices back below that midpoint level at 1.08618 tilt in the buys more to the downside and having traders looking back down toward the 200 day moving average as support. Also near the 200 day moving average, the 38.2% retracement of the move up from the November load to the November high comes in at 1.08252. That combined with the 200 day moving average of 1.08196 creates the target for sellers. Get below is more bearish.

USDJPY: The USDJPY trade above and below its 100 day moving average last week, but closed below that moving average on Friday. The 100-day moving average currently comes in at 147.238. The Asian-Pacific load reached down to 146.218 which briefly breached the 38.2% retracement of the move up from the July load to the November high at 146.30. However the price has bounced back higher and currently trades around 146.72. The high price today stalled ahead of the 100-day moving average. The battle zone between the 38.2% retracement at 146.30 and the 100 day moving average of 147.237.

GBPUSD: The GBPUSD traded higher and lower last week in up-and-down trading. On the topside, the 61.8% retracement of the move down from the July high to the October low comes in at 1.27191. Last week, the buyers had their shot above that level and missed. On the downside, the 50% midpoint the same move comes in at 1.25888, and buyers leaned against that level. So the wide support versus resistance is defined by the retracement levels on the daily chart. Drawing to the hourly chart, the 200-hour moving average of 1.26191 is a key target to get to and through on more selling. The price has not been below that moving average since November 14.