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EUR/USD gains stall as GBP/USD and USD/JPY head lower

The euro is struggling to move higher against the dollar, while GBP/USD and USD/JPY are both under pressure.

EUR/USD bounce stalls

Gains with EUR/USD have run into some resistance around $1.135, after the price succeeded in reaching the $1.1376 swing high from the middle of the month.

This bounce has failed to put much of a dent in the downtrend as yet, and a move back below $1.125 would certainly point the way to more losses.

GBP/USD trundles lower

A more steady downward move remains in place here with GBP/USD, as the price makes a new low.

The 50-period simple moving average (SMA), $1.1338 has helped contain any upside so far this week, and so far the bounce from $1.32 earlier in the week has failed to produce any bullish follow on.

USD/JPY in descending channel

Further declines seem likely with USD/JPY stuck in a descending channel that could open the way to ¥112.50 and lower.

Brief bounces this week have seen sellers emerge, and a move above ¥113.50 would be needed to begin to develop a more bullish view.


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