In the opening video for July 26, 2024, I take a look at three other major currency pairs from a technical perspective – EURUSD, USDJPY, and GBPUSD.
The EUR/USD pair has been trading up and down for the past three days. In favor of the buyers, the low today has been capped before retracement of the 38.2% move up from the June low. This level comes in at 1.08394. A move below this level would increase the bearish bias and prompt traders to look towards the 200-day moving average at 1.0815. On the upside, the 1.0872 area is a swing level. Watch the video and learn more about it.
The USD/JPY pair is seeing some bullish momentum today after holding a key support level yesterday (finally). The USD/JPY decline is being blamed for the decline in US stocks this week due to the (perhaps slightly) inverse carry trade. However, traders will be watching the USD/JPY movement for clues on stock trading. Technically, the USD/JPY pair has moved to a swing level between 154.52 and 154.87 and found sellers. The 38.2% break of the December 2023 uptrend comes in at 153.65. Watch that for support.
GBP/USD – like EUR/USD – is consolidating in both bullish and bearish trades today. What stands out on its chart is its ability to hold above a broken trend line (see video). The 1.2844 – 1.2860 swing zone is also present on the downside. On the upside, traders will be watching the 1.2879 level (38.2% retracement of the upside move from the June low), and the 100-bar moving average on the 4-hour chart at 1.2892 is resistance.
Learn all about this topic through the video. Be sure to like and share it and if you have any comments, put them in this post. I would love to hear from you.