EUR/USD stuck fast, as GBP/USD and USD/JPY move higher
The euro is unable to rally against the dollar, but the pound is able to move up against the greenback and USD/JPY makes further strong gains.
EUR/USD clings to recent lows
EUR/USD continues to struggle around $1.17, having seen gains above this level last week fizzle out. So far any bigger move lower continues to elude the sellers, with a defence of $1.17 holding the pair in place.
We wait for a bigger move above $1.175 or below $1.166 to provide the indication of the next directional move.
GBP/USD stages a recovery
Signs of GBP/USD bullish momentum have developed over the past two sessions, as the price builds on Monday’s gains with a push back above $1.37.
Further gains would target the 50-day simple moving average (SMA) at $1.379, and then on to $1.385.
USD/JPY targets August high
Further gains for USD/JPY have carried to the highest level in months, any ¥111.60 looks like it will be tested in due course.
This powerful leap higher has broken the summer range and puts buyers firmly in charge, opening the path to additional upside beyond the late June high.
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