The USD has been stalling over the last 4-5 hours.
EURUSD:
The EURUSD fell below a swing area between 1.08629 and 1.0871 early in the US session. The price also fell below a rising trend line at 108.577. The low price extended to 1.08305. One could look to 1.08223 and 1.0800 the next target on the downside.
On the top side 1.0863 would be a target to get to and through along with 1.08711. The current price is trading at 1.0845, and sits between each of those support/resistance targets.
USDJPY :
The USDJPY trended higher into the NY morning session and the momentum took the price to and through the 100 day moving average at 133.485 and also above the 50% midpoint of the move down from the March 8 high at 133.769. The high price reached 133.865 and ran out of steam.
The move lower has taken the price to 133.67.
The price was a overbought near highs and momentum above the 50% (and also the high from last week at 133.66) could not be maintained. The correction lower has been modest, however, and for buyers of the greenback, a move below the 100 day moving average would be needed to increase the bearish bias.
GBPUSD:
The GBPUSD fell in the early US session and reached to the next target area near a swing area between 1.2343 and 1.23603. The price bottomed at 1.23433 and has bounced modestly. The price currently trades at 1.2373.
Earlier today, the price fell below the 200 hour moving average (green line) currently at 1.24056 and the swing low from Friday's trade at 1.2388. Admittedly, the price dipped below the moving average both on Friday and earlier today, but momentum slowed. It was the US session break that saw increased downside momentum.
Going forward it would take a move back about 1.2388 to give the buyers against the swing area more confidence in the short term (low from Friday). Above that the 200 hour moving average is another obvious hurdle to get back above.
If the sellers can keep the short term technical corrective bias, getting below 1.2343 would increase the bearish bias.
