EUR/USD, GBP/USD and USD/JPY driven by dollar declines
EUR/USD, GBP/USD and USD/JPY continue their recent trends, with sharp dollar declines driving overall sentiment throughout the FX realm.
EUR/USD uptrend continues as price hits two-year high
EUR/USD has continued its uptrend, with the price breaking into a fresh two-year high. That brings us back into a long-term trendline resistance region.
We are also trading close to the upper end of an ascending standard deviation channel here after an extended run higher overnight. With that in mind, there is a chance we see another period of consolidation come back into play before long. Nevertheless, whether that pullback occurs or not, the bullish outlook remains in play here unless the pair break below yesterday’s low of $1.173.
GBP/USD drives higher, with uptrend remaining consistent
GBP/USD has continued its recent uptrend, with the pair driving towards the March peak of $1.32. This recent surge has extended sharply higher overnight, with the possibility of a retracement always worth considering.
Nevertheless, while the finer details on how this uptrend continues remains to be seen, further upside does look likely before long. As such, a bullish outlook remains in play unless the price breaks the Thursday low of $1.2944. Until then, any pullback will be see as a potential formation to trade around.
USD/JPY downtrend extends to hit four-month low
USD/JPY has seen another bout of sharp losses overnight, with the consolidation seen through much of the week finally resolving with another leg lower.
That decline looks likely to persist as we move forward, with a bearish outlook in play unless ¥105.29 breaks. With that in mind, any upward retracement is likely to provide a bearish opportunity rather than a reason to worry about the trend coming to an end.
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