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EUR/USD rallies as GBP/USD and USD/JPY struggle

A break higher for EUR/USD contrasts with continued weakness for GBP/USD and USD/JPY.

EUR/USD breaks resistance

EUR/USD has succeeded in breaking higher, pushing above trendline resistance yesterday. Gains however have stalled for now at $1.133, as they did at the beginning of the month.

Broader upside would require a move above $1.135, but the longer-term downtrend remains in place.

GBP/USD continues to struggle

Unlike EUR/USD GBP/USD remains under pressure, hit by changing expectations of a UK rate hike and the return to some Covid-19 restrictions.

The yawning gap between the price and the 50-day simple moving average (SMA) above $1.35 refuses to close, and so far there looks like no sign of a move to the upside, which would require at least a move back towards $1.33.

USD/JPY edges lower

Gains with USD/JPY have stalled at ¥113.60, as the price retreats back below the 50-day SMA. This drop will need to move below ¥113.00 to indicate the sellers are back in control.

Alternately, the bullish view is revived with a move back above ¥113.80.

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