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​​EUR/USD stabilises, EUR/GBP slips while EUR/JPY resumes its ascent​​

​​​​EUR/USD stabilises, EUR/GBP slips while EUR/JPY resumes its ascent​​ as Fed members remain focused on US inflation.​

JPY Source: Getty Images

​​​EUR/USD rally is taking a breather

EUR/USD's break through the tentative downtrend line and rise above the April high confirms the medium-term trend reversal we had envisaged several weeks ago. The next upside target is the March peak at $1.0981 but first a minor corrective move lower may be seen.

​Minor support can be found along the breached downtrend line at $1.0824.

EUR/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

​EUR/GBP slips into its range

EUR/GBP is seen slipping towards its 55-day simple moving average (SMA) at £0.8563.

Simultaneously, the 200-day SMA at £0.8602 caps.

EUR/GBP chart Source: TradingView.com
EUR/GBP chart Source: TradingView.com

​EUR/JPY has resumed its advance

​What a difference a day makes! EUR/JPY recovered from Thursday's ¥167.34 low and revisits its ¥169.10 to ¥169.40 resistance zone, a rise above which would engage the ¥170.00 mark.

​The cross remains immediately bullish while above ¥167.34.

EUR/JPY chart Source: TradingView.com
EUR/JPY chart Source: TradingView.com

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