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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.

US-dollar Source: Bloomberg
Forex United States dollar Market trend USD/JPY EUR/USD GBP/USD
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

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.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

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.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

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.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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