EUR/USD holds its ground while GBP/USD clings to highs
The euro is managing to hold its ground against the dollar, while the pound remains close to its recent highs.
EUR/USD looks to bounce after holding support
Friday’s furious sell-off found support around $1.104, and EUR/USD has gained ground since then.
The price held above the 200-hour simple moving average (SMA) of $1.1057, and if it can move back above $1.108 then a rally to $1.111 could be in the offing. A move above here could reignite the overall bounce in the pair, especially since it held the double bottom in November around $1.10.
GBP/USD holds close to $1.32
GBP/USD shows little sign of turning lower, although it has slowed its ascent in recent sessions. However, it clings on to the seven-month highs, with $1.32 and then $1.332 the next levels to watch.
Sideways price action over the past few days provides little clear direction, and ahead of the election we may see a deeper retracement towards $1.303, which might provide a more attractive buying opportunity. A breakout above $1.318 would point towards fresh bullish momentum.
USD/JPY decline slows above 50-day SMA
USD/JPY has shown little in the way of bullish momentum over the past week or more, but declines have been halted at the 50-day SMA, with a clear slowdown in bearish momentum.
If the price can reverse back above ¥109.00 then a higher low may be in place, allowing the pair to target ¥109.50 and higher in due course. A close below ¥108.50 would be a bearish development and suggest that the rebound from the August lows might finally be running out of steam.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets