In this morning video on October 20, 2023, I kickstart the Forex trading day with a technical look at the EURUSD, USDJPY and GBPUSD. What are the biases, the dangers, the targets for these three main forex pairs?

EURUSD: The EURUSD has moved down to check it 200 hour-moving common for the third time to begin the North American trading session. That transferring common is available in at 1.0566. Just beneath it’s its rising 100-hour transferring common 1.0560. Those transferring averages would be the barometer for extra bullish above/extra bearish beneath. On the highest facet watch the 1.05944 intraday clues within the brief time period. That degree was the excessive worth from Tuesday and Wednesday. Yesterday the value prolonged above that space to a different swing space between 1.06080 1.0616 however couldn’t maintain momentum. Just watch that degree for merchants.

USDJPY: The USDJPY continues to have 150.00-itis. That is the concern of taking the value above that degree. The excessive worth in the present day reached 149.008 and then fell to 149.62 earlier than bouncing again. The costs again up towards the 150.zero degree because the North American day begins. The query is can merchants check and transfer above that degree with the Bank of Japan looming?

GBPUSD: The GBPUSD examined the low from yesterday at 1.2088. That received inside round 12 pips of the 38.2% retracement of the transfer up from the September 2022 low at 1.2076. Are consumers leaning in opposition to that degree? The transfer to the upside has merchants trying towards the 100-hour transferring common 1.21605, and a swing space between 1.21577 and 1.2167. Admittedly, the value motion this week has made a large number of that space. It was extra “believable” previous to this week. Nevertheless the 100-hour transferring averages inside that space. So getting above the 100-hour transferring common and keep above that transferring common is required to extend the bullish bias. Staying beneath is extra bearish.