EUR/USD Falls Below 1.23 Handle

Riskier currencies held their ground this week amid a major selloff in the equities space. The EUR/USD, however, appears to be caving to market pressures, as the pair declines below the 1.23 handle. In the week ahead, the EUR/USD should revisit its 1.2140 support, a breach of which would lead to the 1.19 level.

USD/JPY Back Below 90.00 Signals Further Selloffs

The USD/JPY, which has gauged risk appetite very accurately in recent weeks, continues to signal broader market declines going forward. Last priced at 89.95, the USD/JPY below 90.00 has been a poor sign for markets on previous visits. Unless the pair finds strength in Asia trading, ongoing selloffs are expected.

EUR/USD Backs off 1.24 Handle

Following early gains for the euro against the US dollar, the currency pair has backed off significantly to the low-1.23 area. The EUR/USD traded as high as 1.2465 during the London session, as news of yuan “flexibility” out of China spurred demand for riskier assets in a reflexive manner.

EUR/USD Backs Off 1.24 Handle

The EUR/USD traded above the 1.24 handle earlier today for the first time since May 28, though has since given up ground toward 1.2350. Poor economic data has led to a selloff of riskier assets in US trading, as investors grow more concerned with a double-dip scenario.

EUR/USD Breaches 1.23 Handle; Potential Upside to 1.25

Risk demand is growing in trading today, pushing the EUR/USD to its highest level since June 3. Last priced at 1.2303, the EUR/USD faces resistance at the 1.2325 level, after which the pair may reach 1.2450.

EUR/USD Holding Near 1.21 Handle

The EUR/USD is holding its ground amid a negative picture for riskier assets. Last priced at 1.2105, the pair has stubbornly held at or near the 1.21 handle, indicating short-term buying interest in the pair.

EUR/USD Back Above 1.20 Handle

The euro is rising against the US dollar in trading today, as traders make their best attempt at divining a bottom for the currency pair. Last priced at 1.2035, the EUR/USD is moderately higher than its close yesterday at 1.1971.

GBP/USD Neckline Breach Signals Selloff Ahead

The GBP/USD has breached the neckline level of 1.4470 on the intraday head and shoulders pattern reported on earlier today. Immediate downside for the pair extends below the 1.44 handle, after which the May 20 lows of 1.4225 will come into play.

USD/JPY Near Session Highs

The US dollar is stronger against the Japanese yen in trading today, with the pair last priced at 92.01. The USD/JPY faces little resistance en route to its June 4 highs, when the pair traded at 92.76.

Risk Extends Decline: Euro, Sterling Lower

In Asia trading, risk is extending its Friday declines, with the euro and British pound heading lower against the US dollar. The EUR/USD is last priced at 1.1944, with its next level of support near 1.1860. The GBP/USD is last priced at 1.4417 and will find support at 1.4350.