EUR/USD and GBP/USD rise slightly, while USD/JPY remains stuck just below ¥150.00
The losses in EUR/USD and GBP/USD have come to an end for now, but USD/JPY continues to be stuck below ¥150.00.
EUR/USD back above trendline resistance
Dollar weakness allowed the EUR/USD to push higher at the end of last week, resulting in a close above trendline resistance from the July highs.
This might suggest some short-term upside for now, though recent gains failed around the $1.064 level, so bulls will need a close above here to threaten the 50-day simple moving average (SMA).
Overall the downtrend is still in place, and a failure to move back above $1.064 could create fresh bearish momentum, targeting the early October lows.
GBP/USD struggles to form a low
After mixed UK data last week GBP/USD, the pound was unable to make much headway against the US dollar.
For now however, a low may have been formed. Initial gains target trendline resistance from the July highs, while also heading back towards the $1.234 area that marked the high at the beginning of October.
Buyers have defended the $1.21 this month, but a close below this opens the way to $1.196, and then down to the March lows at $1.183.
USD/JPY stuck below ¥150.00
The USD/JPY continues to hover just below ¥150.00, with no sign of a move above it.
The overall uptrend is still intact, though the buyers have been unable to maintain the upward moves seen since the summer.
A drop below ¥148.00 might point towards some short-term weakness, with the price having not tested the 50-day SMA since late July.
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