USD Shaving off the Fat; EUR/USD, GBP/USD, and USD/JPY

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USD Shaving off the Fat; EUR/USD, GBP/USD, and USD/JPY

The market has been pumping up the USD. As we get into the 8/27 US session however, we are seeing some paring of these gains, but will the greenback stay resilient or give way to consolidation/correction? Let’s take a look at the EUR/USD, GBP/USD, and USD/JPY.

EUR/USD broke below a mini consolidation range, and pulled back by the US session. If price can stay below 1.32, the bearish outlook should remain, which has the next target at 1.3105, the September 2013 low. The GBP/USD is completing a double bottom as it breaks above 1.66. This can open up a rally toward 1.6660. The 1.6660-80 area is indeed resistance so expect some sellers there. Unless price breaks above 1.6680, there is downside risk toward the 1.6464 low from March. USD/JPY is retreating, breaking below some key support factors in the near-term. It is still bullish so expect buyers to scoops it up on a dip, especially if USD/JPY manages to slide back toward the 103.10-103.20 area.

To contact the reporter of this story, email Fan Yang at fan@forexminute.com
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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.