Start your Forex trading day with a technical overview of the three major currency pairs: EURUSD, USDJPY and GBPUSD.
US GDP data showed a poor mix of lower growth and higher inflation. That said, stocks are down, yields are up, and the US dollar is up as well. This is reflected in these three major currency pairs.
- USDJPY is hitting its highs of the day and moving further away from the 155.00 level.
- EURUSD is falling back towards an oscillating zone between 1.0655 and 1.0675.
- GBPUSD is also moving lower and returning to its broken 38.2% retracement of the April trading range at 1.2455 after trading above the 100-bar moving average on the 4-hour chart at 1.25126 and failed.
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