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EUR/USD and GBP/USD recoveries falter

The euro and sterling are moving lower again against the dollar after an overnight bounce, but USD/JPY is edging higher.

EUR/USD heads lower

Yesterday’s sharp drop has carried EUR/USD back towards the recent support zone just above $1.17.

A small overnight bounce has hit resistance at $1.177, and further losses now target a move below $1.17 to break through this zone of support. A more bullish view requires a move back above $1.18 that then targets $1.187.

GBP/USD rebound falters

In common with other risk markets, the GBP/USD has attempted to rally overnight but has then fallen back towards yesterday’s lows.

For cable this area around $1.277 would mark a key level, as a move below here opens the way to move downside, towards $1.263 and down to $1.259.

USD/JPY stages recovery

USD/JPY moved higher from yesterday afternoon, and unlike other assets has not reversed lower so far this morning.

If the price moves back above ¥104.90 then a more guardedly bullish view begins to emerge. A fresh move lower targets ¥104.00 and the lows from Monday’s session.

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