EUR/USD steady, while GBP/USD firms and USD/JPY continues to gain
ECB day promises to be volatile for EUR/USD, while the dollar continues to gain against the yen.
EUR/USD mixed ahead of ECB
The downward move continues for EUR/USD, and with the pair now firmly knocked back from the $1.1050 highs of earlier in the week, it looks like a drop to last week’s low of $1.0920 is now in store. Further declines head towards $1.0850.
Intraday, the price is edging higher, but a move back below $1.10 would signal that a lower high has been created and that further declines are likely.
GBP/USD stuck in a tight range
GBP/USD gains have been impossible to sustain, with pushes above $1.2365 hitting resistance. Movement to the downside has been limited too, with a dip to $1.23 finding support.
A break of this tight range is needed to provide firmer direction in the near-term.
USD/JPY pushes higher in near-term rally
The USD/JPY rally continues, although it is still in a broader downtrend over the past few months.
Yen bulls will be watching for a move back below ¥107.60 that might indicate that a top is in, while dollar bulls are looking for a continuation of gains that would carry the pair back above ¥109.00 and help to put a bigger dent in the losses experienced since April.
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