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EUR/USD moves sideways as GBP/USD and USD/JPY rally

EUR/USD remains stuck in a range, but GBP/USD and USD/JPY have moved higher and look poised for more gains.

EUR/USD bounces between support and resistance

While the EUR/USD price rallied yesterday, it was not able to hold gains, and dropped back from $1.094.

Overnight losses have stalled at $1.086 however, so a more bullish view may emerge if the price can continue to hold this and then push above $1.094. A drop below $1.086 will revive the bearish view and bring $1.0775 into play.

GBP/USD continues to move higher

GBP/USD has weathered the losses of the past 24 hours, with dips towards $1.243 finding support.

In the very short term, we look for a move through $1.253, which will break trendline resistance from Tuesday's highs. This might then clear the way for a push back towards $1.265. A more bearish view requires a drop through $1.245, with further lower highs reinforcing the expectation of more declines.

USD/JPY rallies off key support

USD/JPY has recovered from its steep drop in the early part of yesterday’s session, and indeed has managed to keep moving higher, reclaiming (if briefly) the ¥108.00 level.

If the price can hold above ¥107.30 then the outlook remains more bullish in the near term, and a move above ¥108.00 would provide further expectation of more gains. Having seen the pair hold ¥107.00 at the end of March and now this week, a more bearish view over the next few weeks requires a firm move below this level.

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