FX levels to watch: EUR/USD, GBP/USD and USD/JPY
The dollar is still in the ascendancy, with EUR/USD under pressure and sellers driving down cable ahead of the BoE.
EUR/USD heading towards key support
EUR/USD continues to fall, with a relentless move lower over the past four days.
The price is now below the 50-day simple moving average (SMA), and further declines target the $1.13 level, previously support in late January. Aside from the mid-November spike lower. This has held as strong support since late October. The bearish view persists unless we see a move back above $1.144.
GBP/USD under pressure ahead of BoE
The downward move for GBP/USD continues here, as the attempt at a bounce yesterday fizzled just above $1.295.
Any short-term bounce that fails to clear $1.295 remains another selling opportunity.
USD/JPY looking to break higher
Attempts to break above ¥110.00 have been fruitless so far for USD/JPY, but rising trendline support from the 31 January lows means we have an ascending triangle pattern in play.
A break higher targets ¥111.36, while a bearish view targeting ¥108.60 would require a break below ¥109.70.
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