FX levels to watch – EUR/USD, GBP/USD, USD/JPY

The euro and sterling have faltered after several days of gains, while USD/JPY is still unable to hold above ¥107.00. 

EUR/USD runs into resistance

EUR/USD has stalled around $1.2370, finding it hard to push higher.

Further gains continue to target $1.25, while a drop back may find support at the 50-day simple moving average (SMA) at $1.2333, and the $1.2323 level. Short-term support has been seen at $1.2350, so if this holds then we can expect more gains.

GBP/USD aims to resume march higher

Yesterday saw GBP/USD knocked back from $1.4220, so this will be the level to watch today, to see if the price can move on to $1.4345.

Having held the 50-day SMA ($1.3990) so strongly at the end of last week, the pair retains its bullish outlook unless we close below this indicator.

USD/JPY stuck below ¥107.00

The continued failure to break above ¥107.30 calls into question the ability of USD/JPY to keep rallying.

If momentum falters now, then ¥105.25 and then ¥104.63 come into view. We need a close above ¥107.50 to suggest a break higher is on the cards.

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