EURUSD and GBPJPY Set to Continue their Moves Lower?
Welcome to Monday’s update. In today’s video analysis, we’re looking at the EURUSD and GBPJPY on the short side.
Friday’s employment data came out mixed, and while we did see a short push, higher sellers took control in the NY session, setting up a fade into the end of the week. USD momentum has continued so far on Monday, with the risk majors trading lower after early attempts to push higher.
The EURUSD could be confirming a new continuation lower after last week’s LH. A break and close below last week’s low could tell us that the current downtrend is set to continue.
The GBPJPY has returned to the base of its descending triangle pattern, and if sellers can break out and hold a close low, this could be a new downside breakout. We really want to see a firm lower close as we have seen a few examples of false breaks going back to June this year.
What are your thoughts? Please feel free to give us your feedback or ideas if you think differently or if you see something we have missed. We thank you all for stopping by and we wish you a good week.
EURUSD / GBPJPY Analysis Video