Better data sends the USD higher
The US dollars moved higher after the higher than expected retail sales and PPI data out of the US this morning.
EURUSD: The EURUSD has continued its moved to the downside and looks to test the 61.8% retracement of the move up from the February 4 low at 1.20346. A move below that level would have traders targeting the 1.20189 swing low from February 8.
USDJPY: Is moving up to test the 50% retracement of the move down from the June 2020 high to the January 2021 low (on the daily chart). That level comes in at 106.215. The high today reached 106.22 in the Asian session and backed off against the technical level. The high price just returned to 106.21. A move above tilts the bias move to the upside. Yesterday the price moved and close above its 200 day moving average for the 1st time since early June 2020.
GBPUSD: The GBPUSD has moved below and away from its 100 hour moving average (blue line) and looks toward its 200 hour moving average as the next major target at 1.38221. The price last tested that moving average back on February 8 and found support buyers. Stay below the 100 hour moving average now and the sellers remain in control. Move back above and sellers will be disappointed.
