FX levels to watch: EUR/USD, GBP/USD and USD/JPY
EUR/USD is at a crucial point, having reached the top of the downward channel. Meanwhile, USD/JPY continues to rally.
EUR/USD hits top of the channel
Euro bulls need to be careful, as EUR/USD has hit the top end of the descending channel that has prevailed since the beginning of the year.
A turn lower from here targets $1.1125. A close above $1.136 would suggest that the channel has been broken.
GBP/USD holds its ground
A crucial week for the pound could see some retracement of GBP/USD’s last week late gains.
The pair bounced off support at $1.3204, so if this holds a foundation for further gains could be in place. A close below this targets $1.304.
USD/JPY still on the up
USD/JPY continues to adhere to the rising trendline from the beginning of January.
It has given back some of the gains from the latter half of last week, but a push above ¥111.99 would mark a strong breakout and bring ¥113.63 into play.
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