EUR/USD and GBP/USD fall while USD/JPY hits trendline resistance
The dollar is on the rise once more, lifting USD/JPY but hitting EUR/USD and GBP/USD.
No end to EUR/USD’s retreat
The downward move continues for EUR/USD, rebounds being brief and fairly weak.
It has been a straight line move so far this month, dropping below key support around $1.1000 and targeting $1.0880. Previous lower highs at $1.0950 and $1.0975 are the first targets in any move higher.
GBP/USD heading lower
The price of GBP/USD has broken lower here as well, and while it may begin to rebound with a move back above $12,900, the overall impression since late December is still bearish, given the progression of lower highs in that time.
Further declines head towards $12,970.
USD/JPY hits trendline resistance
The revival in risk appetite has been seen clearly here, as USD/JPY pushes on to trendline resistance just below ¥110.00.
If this is broken then a move higher begins, heading towards ¥112.00 once ¥110.35 is broken. A reversal back below the 50-day simple moving average (SMA) at ¥109.25 is needed to revive a more bearish view.
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