Dollar strength evident for EUR/USD, GBP/USD and USD/JPY
EUR/USD, GBP/USD and USD/JPY see a strengthening dollar gain the upper hand.
EUR/USD continues to grind higher
EUR/USD has been regaining ground following a deep pullback into $1.1085.
The key here is whether we see the $1.1067 level broken, with a wider long-term downtrend coming back into play. Until then, the uptrend in play over the past two months remains relevant. As such, further upside could play out, yet the directional bias only really becomes clear with a break above $1.1205 or below $1.1067.
GBP/USD falls into trendline support
GBP/USD has slumped into an ascending trendline, with the pair currently being held up at that support level.
The wider uptrend remains intact until we see a break below the $1.2905 low, with the 76.4% Fibonacci support level also potentially playing a part just below this trendline. Ultimately, we need to see $1.2905 broken to bring any confidence of a protracted bullish move. To the upside, watch for a break through $1.31 to bring about a more bullish outlook.
USD/JPY easing back after bullish breakout
USD/JPY managed to break through a crucial area of resistance last week, with the pair hitting a seven-month high earlier today.
That breakout points towards further upside coming into play, with a break below ¥1.0943 required to bring about a more bearish short-term picture. Until then, any short-term downside looks like a buying opportunity.
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