The USD is running to new lows vs all the major currencies:
EURUSD: The EURUSD has moved above the swing high from last Wednesday, and the swing high from July 11. The price is also extending above the 61.8% retracement of the move down from the July high to the July low. All those levels come between 1.1716 1.1725. That area is now close support. Stay above is more bullish. Next target area comes between 1.1753 and 1.1769. Move above that and 1.1808 and the high price for 2025 at 1.1830 would be targeted.
GBPUSD: The GBPUSD has extended back to a swing area between 1.3505 and 1.3514. Yesterday the price high stalled within this area. There are a number of swing lows and swing highs going back to the beginning of June (see red numbered circles). Getting above within have traders looking toward the 38.2% retracement of the move down from the July 1 high. That level comes in at 1.3526. Getting above that 38.2% retracement is required to show the buyers can take back control from the sellers.
USDJPY:The USDJPY fell below the 38.2% retracement of the move up from the July 1 low at 146.704, and has now extended down toward a swing area between 145.92 and 146.288. The 50% midpoint of the move up from the July low is within that area at 1.4594.
This article was written by Greg Michalowski at investinglive.com.
