EUR/USD, GBP/USD and USD/JPY all topping out?
We could be at key turning points for major currencies as EUR/USD, GBP/USD and USD/JPY begin to see recent bullish momentum fade.
EUR/USD stalls below $1.11
EUR/USD is still very much in a downtrend. Now that the shock of the European Central Bank (ECB) move has worn off, the euro must contend with the Federal reserve (Fed) meeting this week.
The pair’s failure to maintain upward momentum beyond $1.11 would signal a potential bearish development. This would then bring $1.095 into play. A move above $1.11 heads towards $1.115.

GBP/USD consolidates after Friday surge
GBP/USD has continued to climb here, surging on Friday to its highest level since late July.
So far there is no sign of the rally reversing, but it is still a broader counter-trend move in the fall that has been in place since February. A reversal below $1.235 would be a bearish development and result in a possible move back towards $1.20. Above the 100-day simple moving average (SMA), the price heads towards $1.263.

USD/JPY drops back below 100-day SMA
USD/JPY’s drop from Friday’s peak just above the 100-day SMA will have some expecting a reversal, with the downtrend of the past few months potentially reasserting itself.
It has been an impressive counter-trend move here, but a move back below ¥107.50 could confirm that a lower high is in place. This could then see the price head back towards ¥105.00. Above ¥108.00, the price heads back to the 200-day SMA at ¥109.40.

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