As the North American session begins, what are the technical levels in play for the three major currency pairs?
A written summary:
EURUSD: The EURUSD on Friday fell to test a high of a swing area between 1.09419 and 1.09490. In between that level is a 61.8% retracement of the move up from the August 1 low at 1.0944. Yesterday the price moved up and down, but stay away from the upside resistance at the 50% of the same move lower at 1.09954, AND a swing area between 1.1001 and 1.10145. Today the high price extended to 1.0996 just above the 50% midpoint level, but found willing sellers against that level and has since pushed lower. Technically resistance held. Sellers still in control but support down near 1.0944 remains.
USDJPY: The USDJPY opened yesterday (the week) and traded up to 149.12. That got within 23 pips of the August 16 high at 149.356. Since then sellers have pushed the price lower with the price extending below its broken 38.2% retracement at 148.116, and down to the high of a key swing area near 147.30. The low price reached 147.33 and has since bounced back higher toward that 38.2% retracement level. Going forward getting above 38.2% retracement would increase the bullish bias and have traders looking back toward the 149.356 target. Conversely hold here, and the battle is between 147.30 area and 148.116 at least in the short-term.
GBPUSD:The GBPUSD has resistance near a swing area between 1.3114 and 1.3144. The broken 38.2% retracement comes in between that area at 1.31396. As long as the price remains below that level, the sellers are still in play. On the downside, the 50% midpoint of the move up from the August low comes in at 1.30488.