EUR/USD approaching huge support level
EUR/USD has continued its decline, with the pair hitting a six-month low in early trade today. That brings us within touching distance of the critical $1.1554 support level, where a break below there would point towards a hugely significant bearish shift for the long-term picture.
As such, keep an eye out for how we respond to that $1.1554 support level if selling persists, with a break and close below it pointing towards further downside to come. A break through the $1.1728 swing high would be required to negate the bearish trend currently in play.
EUR/USD price chart
GBP/USD continues to drift lower
GBP/USD is selling off once again this morning, following on from a downtrend that has lasted over a month now. That trend looks likely to persist as we go forward, with the dollar ascent showing little signs of slowing.
With trendline resistance playing a role earlier today, there is a good chance that any near-term rebound would similarly respect that descending trendline. A bearish outlook remains in place unless we see the price break above the $1.3422 swing high.
GBP/USD price chart
USD/JPY breaks lower yet again
USD/JPY provides a break from the wider trend, with the yen really showing its strength by dragging the pair further down into a three-week low.
The pair is now approaching the crucial ¥108.64 support level, which if broken would provide confirmation of a wider bearish outlook. For now, a bearish view remains in play unless we push through the ¥109.75 swing high from last week.
USD/JPY price chart