In this morning video on October 24, 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 foreign money pairs?

EURUSD: The EURUSD trended increased yesterday and within the early hours of right now’s trading, and within the course of traded to the very best degree going again to September 20. The excessive worth reached 1.06935 simply in need of the pure resistance at 1.0700. Some weaker PMI knowledge shifted the bias again to the draw back as did some technicals breaks particularly on the 5-minute chart (see video). The worth has been trending extra to the draw back for the reason that shift and has returned to assist between 1.0608 and 1.0616. The consumers are to reenter the market this could be the realm to take action. If so getting again above the excessive worth from October 12 at 1.06395 can be wanted to provide the debt consumers extra confidence.

USDJPY: The USDJPY naturally moved decrease yesterday (not influenced by fears of Bank of Japan rumors). In the method, the worth moved under the 100 and 200 hour shifting averages. However, by the shut, the worth had rotated again above the 200-hour shifting common. After up-and-down trading within the Asian session, a brand new transfer to the draw back was initiated however discovered assist consumers close to the 38.2% retracement of the transfer up from the October 10 low at 149.289. The incapability to get under that retracement degree has led to a rotation backup towards the 200-hour shifting common 149.698 and the 100 hour shifting common at 149.803. Those shifting averages would be the barometer for short-term trading right now. Moving above the upper 100-hour shifting common can be extra bullish. Conversely, shifting under the 200-hour shifting common can be extra bearish.

GBPUSD: The GBPUSD trended increased yesterday and within the course of moved above the 200 bar shifting common on the 4-hour chart at 1.22639 for the first time since early August 2023. That momentum stalled simply the pinnacle of the 50% midpoint of the final development transfer down from the September 11 excessive at 1.22923. The worth has been trending decrease since then and has moved again under a swing space on the 4-hour chart between 1.2219 and 1.22318. The worth is approaching the 100-bar shifting common on the Four hour chart at 1.21826.