EUR/USD struggles as GBP/USD bounces and USD/JPY pushes higher
While the pound and the yen are making headway against the dollar, the euro is having a tougher time of it.
EUR/USD tiptoes higher from intraday lower low
The price of EUR/USD eked out a lower low yesterday, edging below $1.21, with a small overnight bounce following on from this.
A continued rebound targets $1.22 and then on to $1.225. A resumption of losses below $1.21 brings $1.20 into view.
GBP/USD bounces from $1.41 yet again
The GBP/USD price continues to ferociously defend $1.41, bouncing from this support zone yet again.
The firm defence of this floor points towards the idea that the uptrend in GBP/USD is still active, but just consolidating for now. A close below $1.406 would negate this view and point towards a deeper correction.
USD/JPY continues its steady trend higher
Higher highs and higher lows since the end of April point towards a renewed move higher for USD/JPY.
Further gains head to ¥110.37, and from there back towards the March peak at ¥111.00. Should this bullish momentum stall and reverse then a drop below ¥109.20 is needed to clear the latest higher low.
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