EUR/USD falters as GBP/USD and USD/JPY move higher
EUR/USD is still struggling while the pound is making headway against the dollar and the greenback gains versus the yen.
EUR/USD under pressure again
A small bounce seemed to offer hope of a recovery with EUR/USD, but the pair is under pressure once again, and the loss of $1.16 could signal that a new move lower is underway.
This would suggest a renewed drop that now targets $1.14, last seen in July last year. A lower high with stochastics at such a low ebb points towards strong downside momentum, leaving buyers unable to hold their ground.
GBP/USD buyers still in control
The powerful rebound seems set to continue here with GBP/USD, despite some hesitancy in early trading today.
The buyers appear to be firmly in charge, and now the pair targets $1.366 and then $1.37, but a test of trendline resistance at $1.36 is the first challenge. If this can be broken then we look for additional upside, while sellers will aim for a reversal that brings last week’s lows towards $1.34 back into play.
USD/JPY edges back after gains
After pulling back to support the price of USD/JPY has stabilised, and now looks for a resumption of the move higher, returning to ¥112.00.
A continued hold above ¥111.00 leaves the buyers firmly in charge, while sellers will aim for a move back below this and then below ¥110.50.
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