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EUR/USD struggles, while GBP/USD pushes up and USD/JPY looks to hit ¥107

EUR/USD’s recovery from the Tuesday low is under threat, while GBP/USD is looking for further gains. Meanwhile, USD/JPY has entered a consolidation period after its recent surge.

EUR/USD stumbles after trendline support break

The EUR/USD price has faltered in early trading, dropping back from an attempt to break back above trendline support from the early February low. This puts the price at an interesting point, given the recovery from yesterday’s lows that saw it rally from $1.20.

If upward momentum runs out of steam then another drop towards $1.20 and lower may develop. Meanwhile, a recovery above $1.21 revives the bullish view and could put a move back towards $1.22 into view.

GBP/USD looks to continue push higher

Cable seems in better form after its rebound from Tuesday’s lows, the drop below $1.39 seemingly forming another higher low in GBP/USD’s ongoing rally.

A recovery above $1.40 would set the seal on this view, and put a move back towards $1.42 into place. Sellers will need to reverse the gains of the past 24 hours and push the price back below $1.39 to revive a more bearish view.

USD/JPY holds near highs

The slight overnight dip was bought, leaving USD/JPY within easy distance of ¥107.

So far there is no sign of any move lower, such as intraday lower highs and lower lows, so the bullish view, or at least consolidation, continues to hold sway for now.

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