EURUSD was rejected from the 1.1350 region earlier in the day and briefly dipped below 1.13 in recent trading. At the time of writing, the pair was changing hands below the opening levels, struggling to regain the upside bias after a failed bullish attempt. The euro is trading between the 100- and 200-DMAs now, and a breakthrough in either direction will determine the short-term tone in the pair. In the longer term, the pair remains bullish as long as the prices stay above the 50-DMA around 1.1050. The immediate support now arrives at 1.1270.
GBPUSD extended its upside correction to the 200-DMA that acted as the upside barrier. Still, the pair continues to cling to the upper end of the intraday trading range, threatening the moving average that arrives around 1.2680 and stands on the way to 1.27. Since the start of the week, the daily RSI has been climbing higher but the bias is too weak to expect a more decisive ascent in the immediate term. On the downside, the intermediate support comes at 1.2530 where the 100-DMA lies. Once below this level, the cable may target the 50-DMA around 1.2420 if the selling pressure reemerges in the days to come.
USDJPY is making further recovery attempts, having registered six-day highs around 107.60. Despite the pair regain the bullish bias, the upside potential looks limited, especially considering that the key moving averages continue to act as resistance levels in the 107.85-108.40 area. In a wider picture, a decisive break above the 108.00 handle could help the greenback to shrug-off the selling pressure while on the downside, the immediate significant support arrives at 107.00. The daily RSI is neutral, suggesting further consolidation could lie ahead in the near term.
USDCAD has been gradually declining for the third day in a row on Tuesday. The pair remains below the 100-DMA since June 1, and it looks like the bulls are not ready to reenter the game just yet. On the downside, the 200-DMA acts as the intermediate support around 1.3470. A break below this level could send the dollar under the 1.34 level. The daily RSI is pointing slightly south but the bias is too modest to bet on much deeper losses, at least at this stage. It looks like the pay may spend some time in a consolidation mode being stuck between the two moving averages before the greenback decides on further direction.
The cross turned lower on Tuesday following a five-day winning streak. The prices were rejected from late-May highs above 0.90 and switched into a corrective mode. As a result, the daily RSI reversed lower, suggesting profit-taking could continue in the short term. On the upside, the euro needs to make a decisive comeback above the mentioned hurdle to regain the upside momentum and climb to fresh June highs in the days to come. On the four-hour timeframes, the technical picture has deteriorated after a dip below the 0.8940 region where the 100- and 50-DMAs converge.