EUR/USD could see a move back to month lows
Having been unable to push on beyond $1.11, EUR/USD has fallen back to the 200-hour SMA at $1.0970.
The rising hourly trendline that supported gains for a time was lost yesterday, so now we look for a move back to the lows of the month just above $1.08.
Daily stochastics have yet to turn firmly bearish, but another weak close today will complete the picture.
USD/JPY could target ¥125.80
The dollar continues to strengthen here, with gains over the past three sessions pushing it back towards key resistance around ¥124.20. A breakout above this level for USD/JPY would head towards the June highs around ¥125.80.
A turn lower would need to break below the 50-day SMA at ¥123.45, this indicator having provided support during the course of the past week.
USD/CAD eyes 200-hour SMA
US dollar bears managed to push the pair below C$1.29 yesterday, but this proved to be a short-lived move, with a firm recovery in place today. The pair now needs to break above the 200-hour SMA at C$1.2994 to confirm that the move higher is still in place.
A failure to maintain moment today will call into question the lows seen on Wednesday, and may cause the outlook to switch back to being firmly bearish for USD/CAD.