Pullbacks in EUR/USD, GBP/USD and USD/JPY halted, but bulls struggle to maintain momentum
EUR/USD struggles to push higher
EUR/USD staged a recovery last week, though it has been unable to hold gains above $1.086.
For the moment, the buyers are in control, though they will need a close above $1.086 to suggest that more upside is likely. In this instance the price will then move on towards $1.092 and then the $1.095 highs from July.
A reversal back below $1.0825 would negate this view and point the way to further losses.
GBP/USD pullback halted
After dropping for most of the past two weeks, GBP/USD price managed to stabilise on Friday.
A close above $1.29 would bolster the price one bullish view and put the course to target $1.30 once more, reviving the uptrend.
A close back below last week’s lows brings the 50-day simple moving average (SMA) back into view, though the current uptrend remains in place.
USD/JPY rebound stalls
While last Wednesday saw USD/JPY mount a strong bounce off ¥152.00, the price has seen no continuation of this move, stuck below ¥154.00.
This failure to maintain the bounce tilts the view back towards bearishness, and could see another test of the ¥152.00 level and the 200-day SMA.
A close above ¥154.00 is needed to provide a short-term bullish view, and suggest that the price is beginning to move higher off a higher low, maintaining the uptrend for the year so far.
