EUR/USD fights to hold ground, while GBP/USD pushes up and USD/JPY tests key moving average
The euro has faltered against the dollar, while the dollar is attempting to maintain its strong run against the yen.
EUR/USD struggles around $1.11
EUR/USD's bounce above $1.115 didn’t last long, with the price moving back below the 100-day simple moving average (SMA) of $1.1128. However, if the pair can hold above $1.107, the low from Friday, then a possible higher low is in place.
A move back below this could negate this more bullish view, and would suggest a resumption of the longer-term downtrend. A rally back through $1.113 would indicate that another challenge of the October high was in the offing.
GBP/USD looks to push above $1.28
GBP/USD's resumption of the move higher may be at hand, as the price moves back above $1.28.
If this continues to hold then a push to $1.30 may develop. Having held above the 200-day SMA, it looks like further gains are in order, targeting $1.34 and then $1.32.
USD/JPY stuck below 200-day SMA
A close above ¥109.00 continues to elude the price of USD/JPY, which remains constrained by this level and by the 200-day SMA (¥109.04).
Further gains above this would provide a more bullish view, and target ¥109.55 and then ¥110.35. A reversal below ¥108.00 revives the bearish view.
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