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EUR/USD, GBP/USD and USD/JPY edge higher

Small gains have been seen in early trading for EUR/USD and USD/JPY, while GBP/USD struggles to make headway.

EUR/USD targets $1.18

Dollar weakness continues to carry EUR/USD higher, rebounding over the previous four sessions.

However, the overall negative trend remains firmly in place, given the run of lower highs of late. A move back above the 50-day simple moving average (SMA) at $1.1817 would ease some of the bearish view, and shift the outlook to a more neutral one for the time being.

GBP/USD rally slows

The rebound with GBP/USD has stalled after several days of gains, suggesting a potential continuation of the run of losses seen since the end of July.

A move back above $1.38 would start to provide a more positive view, but sellers will be looking for a new move back to, and then below, $1.36.

USD/JPY edges higher for a fresh session

The recovery of USD/JPY puts the pair on course to test ¥110.50 once more, if the price can hold above ¥110.00, which has acted as resistance over the past week.

Since the beginning of the month the price has carved out higher lows, helping to provide a more bullish view in the short term.


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