In this morning video on November 9, 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?
EURUSD: The EURUSD is trading between a swing area 1.0674 and 1.0694 early in the US trading session. On the downside the 38.2% retracement of the move up from last week's low comes in at 1.0664. Getting below that level and staying that level would increase the bearish bias. On the top side, get above 1.0694 without traders looking toward the 1.0736 followed by the high for the week at 1.07556. That level comes ahead of the 38.2% retracement of the move down from the July high at 1.0762. Ultimately, if the buyers are to prove that they want to take more control they need to get above that 38.2% retracement. Absent that and they are not winning.
USDJPY: The USDJPY held key support near the broken 61.8% retracement at 150.742 on the hourly chart. That level also corresponds with swing levels going back to October 26 in that same area. Holding that level today keeps the buyers more control. The 151.00 level is also a key level of for me in the USDJPY. Back on November 1 just ahead of the FOMC rate decision, the price was trading right around the 151.00 level. The price admittedly has been trading above and below it since late yesterday. The high price today reached 151.179 but has rotated back to the downside and trades above and below the 151 level in early US trading. Market traders are battling with a bias more to the upside (above 150.74).
GBPUSD: The GBPUSD is trading between the 50% midpoint of the move up from the October 26 low at 1.22482, and the 100 hour moving average at 1.23164. In between is a swing area between 1.2261 and 1.22758
