Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.67209)
The Sterling is still trying to make an unconvincing move higher. We have a temporary low near 1.6658 however while below 1.6690, we remain unconvinced of any rally higher.
We have gone above 1.6690, but note the new hanging man forming and move lower. This rally is not yet solidified. We need a daily close in this territory. Back below can target 1.6650. A break higher can target 1.6850. Above 1.6850 confirms a bottom in place and changes our model.
EUR/USD (1.33561)
The euro appears to be searching for a bottom as the bearish momentum is ebbing. However, we remain focused on the support at 1.3330. A break of that level targets 1.3210.
The support at 1.3210 should hold bringing a recovery. Any move above 1.3445 is indicative of a bottom. A break here, with daily close targets 1.3505 then 1.3510.
USD/JPY (102.608)
The Dollar continues to inch higher here but we are cautious as momentum is ebbing a bit. A move below ¥102.10 will turn the focus on ¥101.50 then ¥101.00. A daily close here target the key support at ¥100.60.
A move higher will tells ¥103.10 then opens the gates for ¥104.10. Still, we note the market is range bound from ¥100.80 to ¥104.10.
