In the Forex market, the EURUSD has reached a new low, dating back to March, but has rebounded slightly. However, it is facing resistance near the broken 38.2% retracement level. If the price stays below this level, sellers will likely remain in control, but a move above could lead to a rotation towards the falling 100-hour moving average.
Meanwhile, the USDJPY has reached another new high since October and tested a topside trendline from August. However, sellers have pushed the price back down towards the previous closing level. Traders should monitor the 5-minute chart for short-term clues and note that staying below the 100 and 200-bar moving averages would favor sellers in the short term.
As for the GBPUSD, it continues its downward trend, hitting a new low since March. Although there has been a modest bounce back, the price remains below the 200 bar moving average on the 5-minute chart. To regain control, buyers must break above the 1.22 level and the moving average. Without this breakthrough, the sellers maintain their advantage.
