EUR/USD and EUR/GBP edge lower, while USD/CAD pushes higher
Euro weakness has seen EUR/USD and EUR/GBP come under pressure, while USD/CAD is breaking higher.
EUR/USD holds near recent lows
The pair EUR/USD suffered further losses on Tuesday, and is on course to test fresh multi-week lows.
Last week selling stalled at the $1.077 area, but a drop below this opens the path to the $1.055 lows from March. This would mark a substantial decline, but bulls might take comfort if the price can establish a higher low above this area.
Currently, a rebound above $1.055 would be needed to bolster the bullish view and suggest a renewed attempt to head back to $1.11 is in play.
EUR/GBP comes under fresh pressure
Euro weakness was felt with EUR/GBP too, with the price once again dropping back from an attempt to break above £0.87.
Repeated attempts to clear this level have met with failure, and it would need a move back above the £0.873 area to suggest that another attempt to move back to £0.855 and the highs from late April is back in play.
Recent losses have been stemmed around £0.867, so a move below this area would mark a fresh bearish move and a drop towards the £0.857 lows from December.
USD/CAD revives in early trading
Early trading in the pair USD/CAD has seen the price push on above the 50-day simple moving average (SMA), helping to provide a more bullish view after some indecision.
A break back below C$134.60 would suggest another drop to C$1.33, the lows from April and May.
Buyers need a move back above the C$1.357 area to suggest a bigger move higher, perhaps to the April highs, is in play.
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