EURUSD:
Key Levels:
100-hour MA: 1.08014 (current support)
200-hour MA: 1.08244 (current resistance)
Recent Price Action:
EURUSD moved above 100-hour MA on Thursday
Touched and slightly broke 200-hour MA on Friday, but couldn’t sustain momentum
Fell back below 100-hour MA to 1.07813, then rebounded
Currently trading between 100-hour MA and 200-hour MA
Current Outlook:
Awaiting next directional move
Holding above 100-hour MA is bullish, while moving below it could lead to further selling
Break above 200-hour MA could signal further upside momentum
USDJPY:
Key Levels and Support:
100-hour MA at 152.149 (and moving higher) is key support today and going forward
200-day MA provided support on Friday
151.90 area will be eyed if price moves below 100-hour MA
Recent Price Action:
USDJPY fell to test 200-day MA and 100-hour MA on Friday, then bounced higher
Price gapped higher today, reaching 153.87 (just shy of July 31 swing high)
Low of current 4-hour bar is 152.45
Resistance and Targets:
61.8% retracement level of move down from July high at 159.397
Buyers may make another run to 61.8% level if price stays above 100-hour MA
Overall Outlook:
Holding above 100-hour MA is bullish, while moving below it could lead to further selling.
GBPUSD:
Key Levels:
Support:
1.2938 (swing area)
1.29627 (100-hour MA)
1.29701 (100-day MA)
Resistance:
1.29878 (200-hour MA)
Recent Price Action:
GBPUSD moved lower today, bottomed near 1.2938 swing area
Bounced higher, moving above 100-hour MA and 100-day MA
Found support near 1.29627-1.29701 area over the last few hours
Current Outlook:
Break above 200-hour MA (1.29878) would increase bullish bias
Failure to stay above 200-hour MA has occurred twice in the last two weeks
Holding above 100-hour MA and 100-day MA is bullish, while moving below 1.2938 would be bearish
Key Takeaway:
Buyers need to sustain prices above 200-hour MA to confirm bullish momentum.
This article was written by Greg Michalowski at www.forexlive.com.
