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EUR/USD falls back as GBP/USD and USD/JPY move higher

The euro is moving lower against the dollar, but sterling is making headway, while USD/JPY is also moving higher.

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Forex United States dollar Pound sterling Japanese yen Euro USD/JPY
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD still under pressure

The EUR/USD has retreated from the highs of Monday’s session, close to the highs seen in mid-January. The price has yet to begin a full reversal, but a more bearish view would develop with a drop below $1.136.

A rally back above $1.149 would be needed to open the way to further gains, and would bring $1.1524 and then $1.16 into view.

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

GBP/USD recovers some recent losses

After falling last Friday, the GBP/USD price has edged higher, moving off the 100-day simple moving average (SMA) of $.13508. This then puts $1.36 into view once more, and could see the price target $1.366 and then the 200-day SMA at $1.3706.

A reversal back below $1.35 would certainly reverse the bullish view outlined above, and could see the 50-day SMA at $1.3452 and then the January low around $1.337.

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

USD/JPY looks to make gains

After breaking higher earlier in the week, the USD/JPY price is challenging ¥115.50, and could then be put on a path to return to the December peak at ¥116.34.

In the event of a reversal, the price may find some support at the rising trendline from the January lows, towards ¥115.00.

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

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