As the week begins, there is a lack of commitment from day traders as the price moves up and down in EURUSD, GBPUSD, and USDJPY.
Euro against the US dollar. EURUSD sellers got their chance earlier today, as it fell 50% below the mid-point of the December trading range. This level comes at 1.0931. However, momentum cannot be maintained to put the price in an uptrend. In the process, the price extended back above the 100 hourly moving average. This level comes at 1.0939. If the price manages to stay above the moving average level, the bias is more positive.
USDJPY: USDJPY started the day at the top and then moved lower to test the swing zone between 143.929 and 144.09. Support buyers came in just off the top of that swing zone, pushing the price back up to test the 38.2% retracement of the move down from the November high. This level comes at 144.698. The rise in prices stopped at this level. Crossing the 38.2% retracement level will increase the bullish bias. A move below the swing zone at 143.92-1.4409 is considered more bearish.
British pound against the US dollar. GBPUSD has been technically sloppy lately. However, today’s low price stopped at the 100 hourly moving average at 1.26715. The bounce has brought the price back above the 200 hourly moving average at 1.2707 but the price action around this moving average remains volatile. However, being above it is more uphill. The question now is: Can buyers now maintain the momentum?