Kickstart your forex trading with a technical look at the technicals driving the EURUSD, USDJPY and GBPUSD.
EURUSD: The EURUSD traded up and down in the Asian and European morning session and then moved lower after the insured expected PPI. Over the price has rebounded since then and currently trades just below the 50% midpoint of the move down from the September 12 high at 1.0608. There is a swing area up to 1.0616. Finally the broken 38.2% retracement of the longer-term move up from the September 2022 low comes in at 1.06106. That area between 1.0608 and 1.0616 is a resistance target to get to and through if the buyers are to take more control.
USDJPY: The USDJPY moved up to test it 200-hour moving average 149.078 after the better-than-expected PPI, the price has attested that moving average on 3 separate occasions this week and each time the sellers leaned. The 100-hour moving average 148.82 is on the downside and if broken would tilt the bias more in that direction.
GBPUSD:The GBPUSD fell after the PPI data down toward support near 1.22715, and quickly snapped back higher. The price is back above the 50% midpoint of the move down from the September 11 high at 1.22919. Stay above that level would keep the buyers more in control