EUR/USD hits resistance as GBP/USD climbs and USD/JPY turns lower
The euro is facing resistance in its rise against the dollar, while small gains continue for GBP/USD.
EUR/USD faced with clear resistance
If the bounce of the past few sessions is to continue, then the EUR/USD price needs to clear $1.096.
The price has stalled below this level for several sessions, with a bounce from the Monday lows so far running out of steam below this level. Confirmation of a more bearish view could come with a drop below $1.09, bringing $1.084 and $1.076 into view. Above $1.096, the price targets $1.104.
GBP/USD tiptoes upwards
It has been a rally of small but frequent gains over the past two weeks, but GBP/USD continues to climb.
Having cleared $1.248, the price may now push on towards $1.274. Dips along the way could be possible buying opportunities, but a reversal below $1.23 would negate this more bullish view.
USD/JPY headed for move lower
A small overnight bounce in the USD/JPY price has failed to put much of a dent in the downward move of the past two weeks.
Indeed, a fresh decline below ¥107.50 would probably bring about a test of ¥107.00, and if this is broken then ¥103.30 and ¥101.60 come into view.
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