EUR/USD and GBP/USD weaker, while USD/JPY recovers
EUR/USD and GBP/USD are under pressure this morning, but USD/JPY has managed to push higher.
EUR/USD pauses after sudden drop
After Friday’s EUR/USD slump, all eyes will be on whether the euro can hold Friday’s low at $1.096. Below this, the $1.085 low from May 2017 comes into view.
On the hourly chart, rallies towards $1.106 may begin to run into resistance, and provide a potential selling opportunity in the near term. The early-August high around $1.12 provided another lower high in the ongoing downtrend that has been in place since January.
GBP/USD continues Friday weakness
A lower high has been created here, as GBP/USD retreats from last week’s high at $1.23.
A spike higher on Friday ran into selling, and the price is losing its grip on its early gains above $1.216 already. Further declines target the early-August low around $1.2015, with further intraday rallies like to provide further selling opportunities.
USD/JPY pushes upwards
USD/JPY continues to move steadily higher, with overnight weakness being followed up by small gains.
Thursday’s bounce ran out of steam at ¥106.70, where mid-August gains also faltered, so bulls need to break this level to confirm a bigger move higher is underway. A failure to move through here could see the price move back to ¥105.60 or even back to last week’s lows, below ¥105.00.
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