EUR/USD in retreat as GBP/USD and USD/JPY continue to move higher
A quieter morning has seen EUR/USD continue its recent weakness, while the rally in USD/JPY has slowed from earlier in the week.
EUR/USD retreats from week’s high
The sellers appear to have reasserted control, pushing EUR/USD back below $1.18 and targeting the $1.16 lower bound of the current range.
Bulls will need to take back control and drive the price back above $1.19 to restore a more bullish view, while a longer-term negative outlook requires a close below $1.16.
GBP/USD falters after new higher high
GBP/USD succeeded in reaching $1.33 yesterday, creating a new higher high.
While the price has now dropped back it remains firmly in an uptrend, with trendline support coming in to play around $1.30. Alternatively, a move back above $1.325 helps suggest that a renewed move higher is in play.
USD/JPY rally eases off above ¥105
Signs of a continued rally have diminished for USD/JPY, as the price moves back above the 50-day simple moving average (SMA) of ¥105.23 but fails to make much further headway.
A reversal back below ¥105.00 would suggest a new move lower, similar to those of recent months. Buyers need to clear ¥106.00 to continue their work of changing the longer-term trend.
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