EUR/USD testing rising trendline
EUR/USD has dropped back once more from resistance, around $1.18.
It has this morning succeeded in bouncing off the rising trendline from the August lows, but a break below $1.17 would likely invalidate this support, bringing $1.1554 into play as horizontal support. A rally from the rising trendline would still need to clear the $1.18 zone to suggest a fresh move higher was firmly in progress.
GBP/USD falls back from mid-week highs
A stronger dollar continues to weigh on GBP/USD too, with the pair retreating from yesterday’s highs above $1.32.
Rising trendline support from the August lows is still in play here too, but this would require a move back to $1.30, with $1.3040 horizontal support also nearby. A rally back above $1.32 brings $1.33 into view as a target.
USD/JPY hits ¥113 and retreats
The ¥113.00 level continues to act as strong resistance for USD/JPY, and further declines may suggest a double top has been created.
A decline may aim for the March rising trendline, targeting ¥111.00. Above ¥113.00, the price will head towards the December 2017 peak at ¥113.63.