EUR/USD decline continues, while USD/JPY keeps rallying and GBP/USD holds steady
The euro is still declining against the dollar, and the greenback has continued to make gains against the yen.
EUR/USD continues to push lower
The sellers remain in control for EUR/USD, with a small bounce early yesterday being swiftly reversed.
For the time being further declines seem likely, with no reversal in the progression of intraday lower highs and lower lows. Further declines target $1.15 and then down to $1.1425. A rally above $1.18 is needed to provide a more near-term bullish view.
GBP/USD fighting to hold above $1.27 level
For a second day, GBP/USD is fighting to hold above $1.27, having dipped below this level in early trading.
If it can find a floor here then a rebound towards $1.30 may develop, with a rally above $1.288 marking a breakout from trendline resistance. Further declines below $1.2674 target $1.25.
USD/JPY keeps rallying
USD/JPY strength has seen this pair continue to move higher for the previous three sessions.
This countertrend rally shows no sign of stopping yet, with gains targeting the 50-day simple moving average (SMA) at ¥105.90. A bearish reversal in the direction of the underlying trend lower would point towards a renewed move to the downside.
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