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Ups and downs are the forex theme for today

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Traders are mixing the buying and selling.

The theme in trading today is what goes up (down) must come down (go up).  

Traders are mixing the buying and selling.

The EURUSD fell into the early part of the Draghi presser. The fall took the price below trend lines in the process. However, the low stalled at the Jan 3 low, and the price moved back higher.   The run took the price above the 100 hour MA at 1.1367, but stalled ahead of the day’s highs and has since moved back lower (and back below the 100 hour MA – blue line).  We currently trade at 1.1348 with a lower trend line at 1.1333. The low from Tuesday came in at 1.13355. 

USDJPY moving up and down and up again today.

The USDJPY moved higher earlier and moved back down in the NA session. The low in the NA session stalled between the most recent lows (from earlier today and yesterday). The move higher off the low, is stalling near the close from yesterday at 109.60 and the 100 hour MA at 109.576.  Up or down from this area?

 

GBPUSD more down but still have decent corrective moves higher.

The GBPUSD has been more corrective in trading today after the squeeze higher yesterday. Nevertheless we have seen a some corrective moves in the price action today.  Looking at the 5 minute chart, each move has been able to stall at the 200 bar MA on the 5-minute chart. That at least, gives traders a reference for intraday bias. Stay below is more bearish. Move above is more bullish.

USDCAD trades near unchanged after run higher and then back down.

For the USDCAD, the price moved higher earlier and then lower into the NA session. That low stalled at a lower trend line and the price has moved higher. The pair is trading near the close at 1.3341.

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