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

Today’s Fed meeting may not do much for the dollar, but the greenback is already losing ground against other key currencies.

EUR/USD still pushing higher

The price has continued to rally for EUR/USD, moving in the direction of trendline resistance from the March highs.

A breakout above $1.1260 would clear this resistance and open the way to the previous high at $1.1320. Horizontal resistance also comes into play around $1.1260, so this is a key area for bulls. A turn back below $1.1160 would be bearish, but the downward trend from the March highs requires a push below $1.1120.

Sterling bulls reassert control in GBP/USD

GBP/USD surged yesterday and closed above trendline resistance from the March highs, clearing $1.30 in the process.

Fresh gains today have seen it push on above $1.3040 horizontal resistance. Further gains target $1.3130, $1.32 and then on to $1.3350. Dips towards $1.30 may provide buying opportunities intraday.

Bears push down USD/JPY

The price broke below trendline support last week for USD/JPY, and since then rallies have been firm selling opportunities.

The overnight bounce, which formed the low seen yesterday, may be repeated, and already the price has dropped back from the 50-hour simple moving average (SMA) at ¥111.54. Further declines target ¥110.85.

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