US PCE data was below expectations and helped push the US dollar lower.
For EURUSD, the price moved above the swing zone between 1.1181 and 1.11897. Next targets are at 1.1200 and this week’s high at 1.12130. Passing these levels will make traders target the 61.8% retracement of the downward movement from the 2021 high to the 2022 low. This level comes in at 1.1271.
In choppy trading today, USDJPY first extended to a high of 146.519, before reversing strongly taking the price below the 100-hour moving average at 144.078 and the 200-hour moving average. At 143.33. Personal consumption expenditures data has now taken the price to a new low for the day at 148.45. Looking ahead today, the 200 hourly EMA will be the measure of the short-term bias. Stay below 143.33, and sellers will remain in tight control. A move higher may cause some disappointment due to a failed breakout, at least in the short term for traders. A more conservative risk level would be for sellers to be positioned near the 100 hourly moving average at 144.078.
GBPUSD has entered the swing zone on the weekly chart, only returning to 2018 between 1.3411 and 1.3511. The highest price today reached 1.3427, which is still lower than the high prices recorded yesterday at 1.34334, and from Wednesday at 1.3429. There is a need to cross these two levels to open the door for further rise towards the 1.3511 level.