EUR/USD looks to push higher as GBP/USD and USD/JPY come under pressure
The euro remains steady as the ECB meeting nears, while Brexit talks have put renewed pressure on GBP/USD.
EUR/USD holds support
The EUR/USD pair continues to edge higher, although at present it is mostly bumping along above trendline support ahead of this week’s European Central Bank (ECB) meeting.
A continuation of the August pattern would see a rebound towards $1.20 develop, while a break below $1.17 would signal the emergence of a more bearish view, bringing $1.1425 into view as a possible downside target.
GBP/USD still edging lower
The decline from the peak of last week continues, with a potential test of the 200-period moving average (MA) at $1.1312 on the four hour chart. Below this, the $1.304 support zone comes into play. A break above $1.32 could signal that a new move higher is underway.
USD/JPY rally stalls
The bounce from the August lows has run out of steam below ¥106.50 for USD/JPY, with a possible turn lower now in play as the longer-term downtrend reasserts itself.
This brings ¥105.25 into view as possible support. A continued rally above ¥106.50 would target the ¥107.00 area, which held back gains in August.
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