The price extended its upward momentum during the European session on Wednesday. The euro pushed away from 1.0600 and advanced north during the course of trades. The EUR/USD spent the day below 1.0650 and made an attempt to break it in the NY session. The EUR/USD dropped to 1.0500 in the North American session. The resistance comes in at the level 1.0550, the support lies at 1.0500.
If the downward momentum persists sellers will lead the price to 1.0450.
The GBP/USD pair was under selling pressure in the European session on Wednesday. Sellers held the price around the session lows at 1.2650. A fresh buying pressure rose the pound to 1.27 in the NA session. However, the upward impetus had no legs and the pound sharply dropped to 1.25. The resistance exists at the level 1.2600, the support stands at 1.2500.
If the price stays below 1.2600 the selling pressure will increase. Sellers might force the pair to resume its downward trajectory towards 1.2500 and 1.2450.
USD/JPY extended its consolidation phase on Wednesday. The market seemed fairly balanced staying in a tight range around 115.00 during the day. A fresh buying interest pushed the US dollar higher which broke 116.00 and 117.00 and tested 118.00 in the Asian session on Thursday. The resistance is at 118.00, the support comes in at 117.00.
If the USD/JPY fixates above the level 117.00 the price will edge higher towards 118.00.
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