EUR/USD on the ropes as GBP/USD nears a support zone
Some of the dollar strength from earlier in the week has dissipated, but overall the euro and sterling continue to struggle.
EUR/USD still unable to bounce
A new lower low for EUR/USD in the current downtrend leaves sellers firmly in charge.
A small rebound earlier in the week did not change the overall negative view. While a rebound towards $1.175 would be of interest to longs, it leaves the downward move from the beginning of the month firmly intact.
GBP/USD heads back towards support
GBP/USD's price has returned to the $1.36 support zone which provided the foundation for a bounce in mid-July.
A rally would head towards trendline resistance from the late July high, targeting $1.38 in the first instance.
USD/JPY fails to make headway
It has been a tough battle between the buyers and sellers with USD/JPY over the past seven weeks, with little in the way of a significant, extended move in either direction.
Dips towards ¥109.00 have been buying opportunities, while on the upside, rallies to ¥110.75 have hit a wall of selling.
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