The EUR/USD and GBP/USD currency pairs continue to show bullish momentum, supported by a less dovish stance from the Federal Reserve. Meanwhile, USD/JPY remains entrenched in bearish conditions.
EUR/USD Outlook
The Euro remains firm against the US Dollar, with the pair targeting its November peak of $1.0936. A further advance could push EUR/USD into the psychologically significant $1.1000 range. On the downside, the 200-day simple moving average (SMA), currently at $1.0721, offers potential support.
GBP/USD Performance
GBP/USD also maintains its upward trajectory, holding above the 200-day SMA at $1.2786, which has now become a key support level. The next significant target for the pair is the $1.3000 mark. Below the 200-day SMA, minor support can be identified at $1.2729 (mid-December high) and $1.2716 (late February high).
USD/JPY Struggles to Gain Ground
In contrast, USD/JPY continues to face downward pressure. Last week, the pair briefly approached the September high of ¥147.21, but the bearish trend remains intact. The next target on the downside is the late September high of ¥146.49. Resistance levels lie around last Tuesday’s low of ¥148.10, with more significant barriers between ¥148.65 and ¥148.57, formed from lows in December through February.
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