EUR/USD and GBP/USD climb while USD/JPY breaks higher
Both EUR/USD and GBP/USD are advancing again, while USD/JPY has broken higher from a triangle formation.
EUR/USD continues to move towards September high
The rally has continued here for EUR/USD, even as the price failed to hold the $1.20 level on Monday.
This ongoing rally is likely to see another attempt to reach the September peak and indeed move above it. Trendline support from the October low continues to hold up the price, with a reversal below $1.19 likely to provide a more negative near-term view.
GBP/USD recovers after mixed end to November
The price of GBP/USD has shaken off the weakness we saw on Thursday and Friday and the indecisive session on Monday. It now targets a move above $1.34, the high from last week, and from there a move towards $1.3472 comes into view.
Short-term trendline support from early November comes into pay around $1.334, so a move below this and then $1.33 would provide more conclusive evidence of a short-term break lower.
USD/JPY breaks higher from triangle
The USD/JPY pair has formed a triangle over the past three weeks, and with yesterday’s rebound and early gains this morning a move higher looks to be underway.
The price has bounced off rising trendline support from the November low, and now targets ¥104.66 and on to the 50-day simple moving average (SMA) at ¥104.89.
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