EUR/USD gives back gains, EUR/GBP drops to new low while USD/JPY rallies
EUR/USD gives back gains, EUR/GBP drops to new low while USD/JPY rallies as BOJ keeps bond buying programme in place.
EUR/USD tumbles towards support
EUR/USD sharp rally off this week's low at $1.072 faltered at $1.0852 with the cross falling back towards the $1.072 low seen on Tuesday. If fallen through on a daily chart closing basis, our re-instated medium-term bullish view would become void. In this scenario further declines towards the $1.069 mid-April high may well ensue.
Resistance is seen along the 55-day simple moving average (SMA) at $1.0776.
EUR/GBP drops further still
EUR/GBP decline resumed following Thursday's brief foray to £0.8458 with the July and August 2022 lows at £0.8409-04 about to be hit. While these levels underpin, a rise towards the major £0.8484 to £0.8503 March to late May lows and resistance zone may still ensue.
Were a daily chart close below £0.8404 to be made, though, the £0.8389 mid-August 2022 low would be in sight.
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