FX levels to watch: EUR/USD, GBP/USD and USD/JPY
The euro is still unable to move higher, while the pound is trying to hold its ground against the US dollar.
EUR/USD still under pressure
Last week saw the price for EUR/USD falter at $1.13, then drop sharply to $1.123.
While the pair has recovered slightly, a failure to continue the push higher from here would suggest a move to $1.118 and the crucial area of support around this level. A close above $1.133 is needed to provide a more bullish view.
GBP/USD decline slowing
GBP/USD is in a bullish wedge formation, with a shallow set of lower lows even as the lower highs remain in place.
A breakout above $1.305 is needed to provide a more bullish view, targeting $1.31 and then $1.32.
USD/JPY rebounds from lows
After falling back from ¥112.00 USD/JPY has held its ground, with dips towards ¥111.60 finding buyers.
A close above ¥112.00 would be a more positive development, but it still requires a close above ¥112.20 to firmly clear the area of resistance.
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