EUR/USD and GBP/USD recovering as USD/JPY holds firm
The week has begun with the euro and sterling attempting to move up against the dollar, while USD/JPY’s strong run continues.
EUR/USD aims to recover after sharp losses
After suffering losses last week, EUR/USD is attempting to bounce from $1.185.
It will take a big move back above $1.195 to really suggest a low is in, and with prices heavily oversold intraday some form of bounce was to be expected. Still, it may yet form a higher low after the March one, providing some hope for the buyers. Sellers will hope for a resumption of the downward move towards $1.17.
GBP/USD holds $1.38 as it edges up
The price of GBP/USD has edged up from $1.38 in early trading, with a more bullish view still prevailing here for now.
Continued gains back above $1.40 will help restore a bullish outlook in a more defined fashion, while sellers will want to see the $1.38 level broken to the downside.
USD/JPY holds steady in early trading
USD/JPY edged back from last week’s highs but shows no sign of a full-blown reversal, with some gains in recent hours providing a more bullish impulse.
Further gains head towards ¥110.70, with continued USD strength apparently likely in the wake of last week’s Federal Open Market Committee (FOMC) meeting. Bears will need to drive the price back below ¥109.50.
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