Name: Currency Pair Analysis: EURUSD, USDJPY, and GBPUSD technical outlook to kickstart your day
Uploaded: 2023-12-07T14:18:07.000Z
Description: Check out the technical outlook for the major currency pairs EURUSD, USDJPY, and GBPUSD. Find out the key support and resistance levels as well as the battle between buyers and sellers.

Currency Pair Analysis: EURUSD, USDJPY, and GBPUSD technical outlook to kickstart your day

Check out the technical outlook for the major currency pairs EURUSD, USDJPY, and GBPUSD. Find out the key support and resistance levels as well as the battle between buyers and sellers.

Greg Michalowski

Thursday, 07/12/2023 | 14:18 GMT

In the December 7 morning kickstart video, I take a look at three of the major currency pairs from a technical perspective - the EURUSD, USDJPY, and GBPUSD.

EURUSD: The EURUSD fell below both the 100-day moving average and 50% midpoint of the trend move higher from the November 1 low at 1.0766, but found support near the low of a swing area on the daily chart near 1.0751. The subsequent rally has now taken the price back above the 100-day moving average and 50% midpoint level. That level at 1.0766 is now strong support. On topside, the 200 day moving looms at 1.08257 as resistance. Also in play is the falling 100-hour moving average which is currently at 1.08178. Getting about both the 200-day moving average and the 100-day moving average which of the price back to the upside. Absent that in buyers and sellers are battling it out between the two technical levels

USDJPY: The USDJPY fell sharply on comments from BOJ Gov. Ueda. Technically, the 100-day moving average has been acting as a ceiling/lid for the pair over the last few days. The comments opened the dam to the downside for the sellers who leaned against the key 100-day moving average level. What now? After a trend move, traders look for clues that show the buyers are taking control in the short term. Absent that, the trend can continue. Remember trends are fast, directional and tend to go farther than what traders expect. So be careful . In the video, I outline what I will be looking for that will show the buyers are "winning" even if it is in the short-term.

GBPUSD: The GBPUSD has been toying with swing levels this week with one coming between 1.2589 and 1.2602. The other is lower at 1.2558 and 1.2568. In trading today, the price traded above and below the lower swing area without much respect for the area. As the North American session progresses, the price has moved back up to the higher when area, and is finding some resistance selling against that area. Summary: The tilt is more to the downside but buyers and sellers are battling it out. If the 1.2602 level can hold resistance the sellers can continue the downside probing.