EUR/USD and USD/JPY decline, while EUR/USD consolidates
GBP/USD and USD/JPY look set to decline, while EUR/USD continues to consolidate
EUR/USD continues to consolidate as we await breakout
EUR/USD has been rangebound within the $1.1286-$1.1193 zone over the past fortnight.
The breakout from this region is going to be key from here, with any downside breakdown also having to decline below the key $1.1181 level. Until we see such a breakout, there is a good chance that this range will continue. Therefore, it is worth watching for the buyers to potentially come back into play before long. Watch for an hourly close outside of this range as a signal we could be heading into a more directional phase.
GBP/USD starts to reverse lower after recent retracement
However, the bearish trend is kicking back into play now. With price attempting to break back below the Friday low of $1.2476, the short-term intraday bearish trend is expected to persist today. A break through $1.2581 would be required to negate this bearish outlook.
USD/JPY turning lower after deep retracement
USD/JPY has started to reverse lower once again, following on from a short-term rebound into a deep retracement.
While the price didn’t hit the 76.4% and 200-day simple moving average (SMA) confluence at ¥108.10, further downside does seem likely from here. A break through ¥108.37 would bring about a more bullish picture.
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