The technology buyers had their shot on Wednesday. On Thursday, sellers took back control.That is the backdrop heading into the final North American session of the week. U.S. stock futures are modestly lower after yesterday’s sharp declines in technology shares, Treasury yields are recovering some of their steep fall, and the Middle East headlines continue to keep the oil market on edge.The dollar, however, is not moving in one direction against everything. It is higher against the EUR, GBP, JPY, CHF and AUD, but marginally lower against the CAD and NZD. With U.S. business surveys and consumer sentiment still ahead, there is another opportunity for the data to give traders the next shove.In the morning video above, I take a look at the three major currency pairs—EURUSD, USDJPY and GBPUSD—from a technical perspective. For each pair, I outline the bias, the risk-defining levels and the targets that would give either the buyers or sellers more control.Yesterday’s selloff: Technology takes the hitYesterday’s near-unchanged Dow did not tell the story underneath the surface. The selling was concentrated in technology and semiconductor shares, with the Nasdaq indices suffering the largest losses. The closing numbers were:Dow industrial average: Up 11.98 points, or 0.02%, at 52,873.28.S&P 500: Down 93.74 points, or 1.21%, at 7,663.43.Nasdaq Composite: Down 694.00 points, or 2.60%, at 26,008.86.Nasdaq 100: Down 863.83 points, or 2.90%, at 28,958.69.Russell 2000: Up 3.01 points, or 0.11%, at 2,784.03.Investors continued to question whether the returns from the AI buildout would justify the spending involved. Semiconductor weakness added to the pressure, and market breadth was negative. On the Nasdaq, 1,734 stocks declined versus 1,471 advancing. The damage extended beyond just a few heavily weighted names.Apple was the exception among the Magnificent Seven, closing higher while the other six declined. Meanwhile, the sharp fall in Treasury yields failed to provide the support that growth stocks would normally welcome. That combination tells you where the market’s attention was focused: earnings expectations, investment costs and whether future profits can justify current valuations.For buyers, a lower price is only a starting point. What matters next is whether the price can recover broken technical levels and stay above them. Until that happens, a bounce can still be a correction within a move controlled by sellers.For more background, see Nasdaq sinks as chip stocks tumble.This morning’s futures snapshot shows:Dow futures: Down 31.4 points.S&P 500 futures: Down 17 points.Nasdaq 100 futures: Down 7.50 points.Those are much smaller moves than yesterday’s cash-market declines. However, the buyers have yet to show much of a rebound.The dollar is mixed, with the Swiss franc under pressureThe dollar’s largest gain is against the Swiss franc, with USDCHF up 0.46% near 0.8242. The greenback is also higher against sterling and the euro, with GBPUSD down 0.22% near 1.3370 and EURUSD down 0.20% near 1.1192.Against the yen, the dollar is modestly higher, with USDJPY up 0.08% near 156.89. AUDUSD is down 0.06% near 0.7015.The exceptions are the Canadian and New Zealand dollars. USDCAD is down 0.05% near 1.4001, while NZDUSD is up 0.02% near 0.5683. Those changes are small, but they reinforce the point that this is a mixed dollar market.Currency ranges: There is still room to roam in several pairsUsing the displayed session highs and lows against the supplied 22-day average ranges, EURUSD has traded from 1.1185 to 1.1226. That is a 41-pip range, or about 63% of its 65-pip average. GBPUSD has traded from 1.3370 to 1.3407, a 37-pip range, or about 52% of its 71-pip average.Both still have room to extend if the North American data provide a catalyst.USDJPY has already done more traveling. Its range from 156.08 to 157.15 covers 107 pips, or about 111% of its 96-pip average. That does not prevent another extension, but it does mean the pair has already exceeded a normal day’s range.USDCHF has also covered nearly a full average range, trading from 0.8193 to 0.8243—50 pips, or about 96% of its 52-pip average.The quieter pairs have more unused range. USDCAD has traded from 1.3998 to 1.4021, covering 23 pips, or about 35% of its 66-pip average. AUDUSD’s 0.7005 to 0.7024 range is 19 pips, or about 41% of its 46-pip average. NZDUSD has traded from 0.5680 to 0.5699, also 19 pips, or about 46% of its 41-pip average.USDCAD has the most room relative to its normal range, with Canadian retail sales still ahead. An average range is context, however. It is not a requirement that the market travel the remaining distance.Treasury yields rebound after yesterday’s plungeTreasury yields are moving higher this morning. The 2-year yield is at 4.6924%, up 5.74 basis points, while the 5-year is at 4.8210%, up 5.30 basis points. The 10-year is back near the 5% level at 4.9966%, up 4.36 basis points, and the 30-year is at 5.3092%, up 2.22 basis points.The move follows yesterday’s decline of roughly 15–19 basis points across those maturities.The question today is whether the data support that move lower in yields or encourage more of a retracement higher. The growth readings will matter, but so will the inflation details.Middle East risks keep oil in focusThe supplied overnight headlines offer little comfort for traders looking for a quick resolution to the Iran conflict.According to the Financial Times report cited in the news feed, U.S. Ambassador to the United Nations Mike Waltz said the U.S. was prepared for a prolonged standoff with Iran and acknowledged that the stalemate could persist a year from now.Separately, Fox News reported that Iran’s IRGC threatened to target U.S. bases if commercial ships continued transiting the Strait of Hormuz. The feed also carried a Sabereen report of a missile launch by Yemeni armed forces toward Saudi interests. That remains an attributed report.Against that backdrop, the supplied update showed December WTI reaching a fresh session high of $101.19.The market keeps looking for a diplomatic breakthrough. In the meantime, threats to shipping and regional energy infrastructure keep supply risks in the price. Higher oil also complicates the inflation outlook just as investors are questioning parts of the growth story.Gold breaks $4,000, while copper gives sellers a technical openingGold fell back below the $4,000 level, reaching $3,986.85, before bouncing (see post here).The bounce shows that buyers responded below the round number. What matters next is whether they can sustain a recovery above $4,000. A brief move back above followed by another failure would leave the rebound vulnerable. Getting above and staying above would give buyers a better foothold.Copper has also reached an important decision point. The price fell below its 100-hour moving average at $6.449.That moving average now gives traders a level to lean against. Stay below is more bearish and gives sellers some control in the short term. If sellers can maintain that break, the 200-hour moving average at $6.226 becomes the next downside target.Conversely, a move back above $6.449—and the ability to stay above—would weaken the sellers’ case. Sellers have made a play. Now they need to hold the break.European data point to uneven growthThe European flash PMI readings were mixed, but the broader euro-area results fell short of expectations.France was the weak spot. Manufacturing PMI fell to 49.3 versus 50.5 expected, while services dropped to 48.4 versus 50.7 expected. Both readings are below 50, indicating contraction.Germany’s manufacturing sector held up better, with a reading of 54.2 versus 53.5 expected, but services missed at 51.7 versus 52.5 expected.For the euro area overall, manufacturing came in at 52.4 versus 52.7 expected, while services registered 51.7 versus 52.6 expected. Those readings still indicate expansion, but at a slower pace than anticipated.European equities are also lower in the supplied snapshot:Germany’s DAX: Down 0.75%.France’s CAC 40: Down 0.70%.U.K. FTSE 100: Down 0.50%.Spain’s IBEX: Down 0.20%.Italy’s FTSE MIB: Down 0.42%.North American calendar: Growth and inflation expectationsAt 8:30 AM ET, Canadian retail sales are expected to rise 1.3%, following a 0.7% decline. Sales excluding autos are expected to increase 1.1%, also following a 0.7% decline. With USDCAD’s range still relatively narrow, the report could provide a catalyst for an extension.At 9:45 AM ET, the U.S. flash PMIs will provide an early look at October business conditions. Manufacturing is expected at 55.4 versus 55.9 previously, while services are expected at 57.9 versus 58.8. Both forecasts remain comfortably above 50. Traders will also be looking at what businesses say about prices, hiring and new orders.At 10:00 AM ET, the final University of Michigan consumer sentiment reading is expected to remain at 46.3. The supplied calendar shows the previous one-year inflation expectations reading at 4.7%. With oil elevated, the inflation expectations details deserve attention alongside the headline sentiment number.EURUSD, USDJPY and GBPUSD: Define the risk before the next moveEURUSD is trading closer to the bottom of its overnight range, with 1.1185 the session low and 1.1226 the high. Sellers have the intraday directional advantage, but a break below the low would need follow-through. A failed break would give buyers an opening to push back into the range.USDJPY has already exceeded its average daily range. The 156.08 low and 157.15 high frame the session so far. After that amount of movement, I want the technical levels to define the risk. Chasing a move without a nearby level to lean against makes managing that risk more difficult.GBPUSD is trading at the bottom of its displayed range near 1.3370, with 1.3407 the session high. Sellers are pressing, and the pair still has room relative to its average range. Holding below the low would support an extension. Failure to stay below would take some of the immediate pressure off.In the video, I work through the technical tools applied to the price action for each pair. The goal is to define who has control, what would change that control and where the next targets lie. This article was written by Greg Michalowski at investinglive.com.