EUR/USD touches $1.25 again
Yesterday’s remarkable volatility for EUR/USD ended with euro bulls firmly in control, as the dip buyers returned with a vengeance.
The $1.25 area stalled progress in January, so this is the key area to watch now, with a close above here opening the way to $1.2746. Support levels are to be found at $1.2323 and then $1.2165.
EUR/USD price chart
GBP/USD aims for more gains
The rebound goes on here for GBP/USD, with the dip buyers seizing on yesterday’s post-US consumer price index (CPI) weakness with abandon.
The first level to watch for resistance is $1.4067, and if this is broken then we move on to the January high at $1.4345. The uptrend has reasserted itself, and it would need a move back below $1.38 to suggest that the sellers are back in charge.
GBP/USD price chart
USD/CAD plummets from C$1.26
Having spent several days trying to hold above C$1.26, USD/CAD reversed sharply yesterday.
With the sellers back in control, intraday rallies should be sold, with the potential for a move back down to the January lows at C$1.2252. It would require a close above C$1.2650 to reverse this view.
USD/CAD price chart