VIDEO: The forex market reacts modestly to the better US data dump today

The data dump in the US today was better than expectations. Yesterday recall the retail sales, industrial production, PPI were weaker than expectations, leading to the shift in the market sentiment that bad is bad, from the idea that bad data was good.

So with today's less scary data, the US dollar has rebounded a little bit (or at least is steadying as traders ponder the next moves).

In the Forex technical currency report I take a look at the EURUSD, USDJPY and GBPUSD.

EURUSD EUR/USD The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be Read this Term: The EURUSD is back below its 100 hour moving average at 1.08166. Earlier today, the price bounced off its 200 hour moving average 1.07889. The traders will be looking for the break outside of those moving averages

USDJPY: The USDJPY USD/JPY The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting Read this Term had a wild up and down day yesterday. And is continuing the ups and downs in a more narrow trading range today the price moving above and below its 100 hour moving average of 128.527. That will be the barometer for traders today

GBPUSD: The GBPUSD tested the December highs yesterday and backed off. Today, the 38.2% retracement of the last move higher continues to be support on the downside as the price consolidates and corrects from the high yesterday.