In this morning video on November 8, 2023, I kickstart the Forex trading day with a technical look at the EURUSD, USDJPY and GBPUSD. What are the biases, the risks, the targets for those three major currency pairs?
The USD is higher across the board in trading today.
The EURUSD is back below the 100 hour MA, and a swing area between 1.0674 to 1.0694. Sellers are making a play. Can they keep the price below that level today and push toward dual support defined by the 200 hour moving average of 50% retracement near 1.0635.
The USDJPY moved above the 100 and 200 hour moving averages near 150.23 yesterday, and stayed above entraining here today, the price has kicked to a new high and looks toward the 151 level in early New York trading there is a close support nearly 61.8% retracement of the move down from last week’s high to the low price on Friday that comes at 150.74. That level is also close to the high price going back to October 26 at 150.774. That a level is the closest risk for traders looking for more upside.
The GBPUSD briefly move below its 100 hour moving average yesterday and tested a swing area between 1.2261 and 1.2275. The price moved higher into the close but in trading today, the price has dipped back below the 100 hour moving average currently at 122.956, and a swing area between 1.2261 and 1.22758. That area is now close risk for sellers looking for more downside.