EUR/USD, GBP/USD and USD/JPY all off recent highs
The recent rampant risk appetite has been knocked back over the past 24 hours, although this may only be a temporary development.
EUR/USD still dropping from Friday’s high
The huge appreciation in EUR/USD continues, although we have seen an ongoing pullback from last Friday’s highs.
The uptrend remains firmly intact, and indeed we may see a test of trendline support from the late May lows today. Further losses head towards $1.12, while a breakout above $1.13 breaks downtrend resistance from Friday’s high and reasserts the upward move.
GBP/USD heads towards support
Here too for GBP/USD we are watching trendline support from late May. The price has struggled to maintain forward momentum, with yesterday’s high only just above Friday’s peak.
Horizontal support around $1.2635 would be followed up by $1.259 and then $1.25 in the event of a deeper retracement. Alternatively, a renewed push higher targets $1.275.
USD/JPY looks to find support
The USD/JPY pair has undergone a sharp reversal that mirrors the impressive bounce seen last week.
If the price can hold above ¥107.80, previous key resistance then another push higher may develop, potentially heading towards ¥108.60, and then on to ¥109.60. In the event of further declines, trendline support from the early May lows would come into play around ¥107.60.
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