EUR/USD slides, while GBP/USD rebounds and USD/JPY falls back
The euro shows no sign of slowing its decline against the dollar, while USD/JPY may be creating a lower high.
EUR/USD shows no sign of stopping
The downward move continues for the EUR/USD pair and while the price is rebounding off yesterday’s low, the bears will be waiting for another lower high to be created.
Anything below $1.10 will be just such a lower high; with the price below the late 2019 low, the next target is $1.053, last seen in April 2017.
GBP/USD continues to rebound
GBP/USD does appear to have found a low for the time being, having rallied off $1.2875.
Yesterday’s gains stalled at $1.299, so a move above here would create a new higher high on the hourly chart and boost the bullish view. A turn back below $1.295 points towards renewed bearish momentum, targeting $1.29 and $1.2875.
USD/JPY drops back from highs
The USD/JPY price has edged back from yesterday’s highs, and a turn below ¥109.50 would likely mark a near-term top, leaving long-term trendline resistance intact.
This would then bring ¥108.40 and ¥107.70 into play. A revival targets ¥110.00, while a move through ¥110.35 could be a bullish breakout from long-term resistance.
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