Dollar on the rise for EUR/USD, GBP/USD, and USD/JPY
US dollar strength continues to play out across EUR/USD, GBP/USD and USD/JPY despite positive news on US stimulus package.
EUR/USD continues its decline, as dollar strengthens
EUR/USD has continued its decline this morning, with the pair dropping into a fresh three-month low today. That sell-off is part of a dramatic period of weakness over the course of March thus far.
Further downside does look likely before long, with a rise through the $1.1932 level required to bring a wider pullback into play. Until then, another move lower is on the cards.
GBP/USD stabilises after decline through support
GBP/USD is consolidating after a sharp decline towards the back end of last week. That stabilisation comes off the back of a drop below $1.383, bringing an end to the uptrend to form a head and shoulders formation.
A break up through the $1.4017 swing-high brings an end to this current bearish picture, with further downside looking likely until then.
USD/JPY continues to outperform
USD/JPY has been on an impressive rise over the course of the past fortnight, with the pair rising into an eight-month high on Friday.
That ongoing uptrend continues to remain the dominant driver of price action, with a break below the ¥108.09 swing-low required to bring about speculation of a short-term pullback. Until then, further strength looks likely to play out as we move forward.
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