The U.S. dollar is trading lower against nearly all the major currencies in early trading today.The largest decline is against the JPY, with the USDJPY down around 0.40%. The USD is also lower against the EUR, GBP, CHF, CAD and AUD. The NZD is the only major currency against which the USD is trading higher, but only by around 0.10%.That makes the JPY the strongest of the major currencies, while the NZD is the weakest.In today’s Kickstart video, I take a technical look at the three major currency pairs—the EURUSD, USDJPY and GBPUSD.For each pair, I outline the levels that would give either the buyers or sellers more control. The technical levels provide traders with a roadmap. Stay above a key level and the bias becomes more bullish. Move below it and the sellers can take back control. Those same levels also help traders define and limit their risk.U.S. stock futures point lowerU.S. stock futures are trading lower after the major indices declined for the second consecutive day yesterday.Dow Industrial Average futures are down 350 pointsS&P 500 futures are down 32 pointsNasdaq futures are down 168 pointsThe continued weakness keeps the market tone defensive as traders look ahead to the U.S. inflation data. The Producer Price Index will be released on Thursday, followed by the Consumer Price Index on Friday.European shares are sharply lowerEuropean stock markets are also under pressure:Germany’s DAX: -1.58%France’s CAC 40: -1.96%U.K.’s FTSE 100: -1.11%Spain’s Ibex: -2.24%Italy’s FTSE MIB: -1.39%Despite the declines in global equities, the USD is not attracting broad safe-haven buying. Instead, the JPY is benefiting the most from the more defensive trading environment.U.S. yields are mixedU.S. Treasury yields are modestly higher at the shorter end of the curve but lower in the 30-year sector:2-year yield: 4.421%, up 2.3 basis points5-year yield: 4.591%, up 1.8 basis points10-year yield: 4.808%, up 0.4 basis points30-year yield: 5.251%, down 1.3 basis pointsOther marketsCrude oil is trading sharply higher, while gold and silver are also gaining. Crude oil is trading sharply higher as tensions in the Middle East continue to escalate.Overnight, the U.S. military said it struck five Iranian oil tankers after Iran attempted to attack a U.S. warship. Iran retaliated by launching missiles toward a U.S. military base in Jordan and also claimed that it attacked vessels near the Strait of Hormuz. The U.S. denied that any of its warships were hit.The escalation comes after Iran-backed Houthi forces attacked Saudi cities and energy facilities earlier this week.For oil traders, the concern is that the fighting is getting closer to oil tankers, production facilities and key shipping routes. The Strait of Hormuz remains the major focus. Any additional disruption through that important waterway could tighten global supplies.That risk is adding a geopolitical premium to the price of oil. WTI crude is trading up $2.53, or 2.7%, at $95.56, while Brent crude has moved above $100 per barrel (at $100.90 currently). In other markets:Gold: $4,406.21, up $51.61 or 1.19%Silver: $66.42, up $0.69 or 1.05%Bitcoin: $78,983, up $534 or 0.68%With stocks moving lower, commodities moving higher and the USD weakening against most of the major currencies, traders have several competing market forces to work through.The technical picture can help cut through that noise. Let’s get into the charts and identify the levels that will determine whether the buyers or sellers are in control in the EURUSD, USDJPY and GBPUSD. This article was written by Greg Michalowski at investinglive.com.