EUR/USD appears to reaffirm downtrend
It may well be that EUR/USD’s downtrend from the April highs has reasserted itself.
The pair faltered last week at $1.17, so further declines below $1.15 will support the bearish thesis. This would open the way to support at $1.13. A close above $1.16 would signal that the buyers have regained control for the time being.
GBP/USD creates new lower high
Declines continue here, with GBP/USD having created a new lower high at $1.30, faltering at the 50-day simple moving average (SMA).
Further losses will bring support at $1.27 and then $1.26 into view. A bounce from above $1.28 would create a new higher low in the current short-term move higher, bringing $1.30 into play once more. A daily close above this level would arguably create a more bullish outlook for the pair.
USD/JPY moves above 50-day SMA
USD/JPY is advancing once again, with buyers stepping in around the ¥111.00 level over the past three sessions.
The move back above the 50-day SMA (¥111.19) adds to the bullish view. Further gains would target the area around ¥112.00 that has acted as resistance since the end of July, and then on to the ¥113.00 area. A close below ¥110.50 is needed to suggest further declines are at hand.