EUR/USD maintains downtrend
The selling around $1.24 continues last week for EUR/USD, for the second week in a row.
We have seen the downtrend maintain itself, and while the price is oversold on a four-hour chart any rebound that fails to breach $1.24 remains a likely selling opportunity. The price broke $1.2275 this morning, a key support from 9 March, and if this remains broken then $1.2165 comes into play.
GBP/USD continues March rally
The March rally continued last week, with GBP/USD testing the $1.40 area.
It was unable to hold above this, but buyers have come in to defend the $1.39 level. A push above $1.40 targets $1.4070 and then $1.4145, while a failure to move above $1.40 would raise the possibility of a move back to $1.3836 and lower.
USD/JPY holds above lows of the month
The downtrend in USD/JPY reasserted itself last week with a sharp drop from the ¥107.30 level.
For the moment, however, the pair continues to hold above the March lows. Possible areas of support come in at ¥105.60, ¥105.45 and then ¥105.24. A rally above ¥107.30 would perhaps signal a change of trend is at hand, and would bring ¥108.30 into view.