EUR/USD falls as GBP/USD and USD/JPY move higher
While EUR/USD is still under pressure, GBP/USD and USD/JPY have moved higher again.
EUR/USD still falling
Losses continued for EUR/USD yesterday, with the bearish view being reinforced with further losses that have taken the pair to its lowest level since November.
Price action continues to point towards more declines, with lower highs in place over the past three days. A break of this trend would be needed to establish a more bullish view, along with a move back above $1.19. Further moves to the downside target $1.1615.
GBP/USD begins a recovery
The GBP/USD price recovered yesterday, rallying back above Wednesday’s high and holding the $1.17 area. Further gains target $1.39 and then on to $1.40. This recovery helps to provide more strength for the bullish view.
The bearish view requires a reversal that takes out $1.365, opening the path to more downside that will continue to put a dent in the uptrend of the past ten months.
USD/JPY looks to break higher
The USD/JPY consolidation seen since the early part of March appears to be coming to an end, pointing towards further upside for now, matched with the impending bullish cross in daily stochastics.
The sideways move has ‘reset’ the pair after its February surge, and clears the air for a move higher.
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