The EURUSD pair rose during the session on Wednesday, using the 1.38 level as a springboard. However, we pulled back enough to form a shooting star, and it appears that the market is going to continue to meander in this general sanity.
The EURUSD pair went back and forth during the session on Tuesday, forming a very neutral candle.
The last few days have once again seen Cable test the 1.6800 region, only to fail and reverse once more, with the June futures contract currently trading at 1.6710 on the daily chart. Following the strong gains of last week, which saw the pair surge higher with three wide spread up candles, the first sign of possible short term weakness appeared on Thursday with the doji candle.
The USDJPY pair rose during the session on Monday, bouncing off of the obvious support level near the 101.25 level.
The EURUSD pair fell during the session on Monday, gapping lower as ECB members suggested that perhaps more monetary stimulus could come into play as the Euro is overvalued in their opinion.
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EURUSD broke below 1.3850 support, indicating that the uptrend from 1.3672 had completed at 1.3905 already.
GBPUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 1.6465, the fall from 1.6820 could be treated as consolidation of the uptrend.
AUDUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 0.8924, the fall from 0.9461 is likely consolidation of the uptrend.
USDJPY remains in downtrend from 104.12. Further decline is still possible after a minor consolidation, and next target would be at 100.50 area.
