EUR/USD and GBP/USD stall after rallies but USD/JPY edges higher

Eurozone PMIs have seen the euro move rapidly but to little effect, while cable waits for more Brexit news.

EUR/USD recovers its ground

A small reversal yesterday below $1.112 has been followed up by a push higher for EUR/USD, as the price looks to resume its upward move.

Further gains likely target $1.118 and then onto the August highs at $1.125. If, however, the price reverses back below $1.11 then a much more bearish view may prevail, as the longer-term downtrend reasserts itself.

GBP/USD still in strong form

Consolidation continues here for GBP/USD, with the price unable to resume its upward move.

Further declines likely take it towards $1.278 and then onto $1.2635. Having established a new higher high this month, any retracement that manages to create a higher low above $1.22 would provide a buying opportunity.

USD/JPY holds its ground

The price of USD/JPY appears to have recovered from the weakness of Wednesday’s session, holding above ¥108.20.

Now it must push on above ¥108.50 and target the ¥108.90 highs from the middle of the month. This would then suggest a revival of bullish momentum. A close back below ¥108.00 negates this more bullish view.

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