Technical Analysis of Major Currency Pairs
Published on: 23 hours ago by Greg Michalowski
Overview
The US Dollar (USD) exhibits a mixed performance as the US trading session begins. It shows strength against the Japanese Yen (JPY) and the Euro (EUR), while it is slightly weaker against the British Pound (GBP).
Currency Pair Analysis
EUR/USD
The EUR/USD pair remains below both the 100-hour moving average (MA) at 1.1854 and the 200-hour MA at 1.1839. This positioning indicates a short-term bearish bias. The recent low near 1.1803 is still relevant, with the next significant support target identified between 1.1765 and 1.1778, which corresponds to previous swing lows from earlier in the month.
USD/JPY
The USD/JPY pair is attempting to rise, aiming to reclaim the level of 153.73, alongside yesterday's high of 153.52. Key resistance levels are identified at the falling 200-hour MA at 154.13 and the 38.2% Fibonacci retracement level at 154.32. A sustained move above these levels would indicate a stronger control by buyers. Additionally, the 100-day MA at 154.677 is a critical technical indicator that traders will monitor for directional confirmation.
GBP/USD
The GBP/USD pair is trying to push higher but faces resistance below the 50% midpoint of the 2026 trading range at 1.3610, with the falling 100-hour MA reinforcing this resistance. As long as the price remains below this confluence zone, the potential for upward momentum is limited. On the downside, the 61.8% retracement level at 1.3549 has halted the recent decline. A break below this level would enhance the near-term bearish outlook, shifting focus to the next support area between 1.3526 and 1.3534, where previous swing levels are significant.