After a consolidation phase seen last week, the common currency jumped across the board, sending EURUSD to June 24 highs above 1.13. The pair climbed to the 1.1330 area and remains elevated, with the RSI both in the short-term and intraday timeframes pointing upwards, suggesting the rally could be extended in the near term. Once above the mentioned highs, the pair may surge to the 1.1350 intermediate resistance that stands on the way towards 1.14. However, it looks like the euro will struggle to make a decisive break above 1.1350 at this stage, and downside correction could take place soon.
GBPUSD accelerated the upside momentum on Monday following a modest rise witnessed late last week. As a result, the pair has settled marginally above 1.25 but is yet to confirm the latest breakout on a daily closing basis as the pound may attract profit-taking at the current levels. On the positive side, the pair is supported by the 100- and 50-DMAs that arrive around 1.2450 and 1.2430, respectively. As long as the cable remains above these levels, its short-term dynamics is considered bullish. The daily RSI shows a bullish bias but it looks not convincing enough to expect further gains at least in the immediate term.
USDJPY remains stuck between the 20- and 100-DMAs, struggling for direction around 107.50. Earlier in the day, the greenback climbed to the 107.80 region where the 100-DMA acted as local resistance and triggered a correction to the current levels. Despite a mild bullish bias on the intraday timeframes, the upside potential in the dollar still looks limited. For a more sustainable ascent, the par needs to turn the mentioned moving average into support. As long as the prices stay below this level, the dynamics in the pair is considered neutral. On the downside, the immediate support arrives in the 107.40-107.30 area.
The cross surged aggressively today amid a widespread rally in the common currency. The pair climbed to mid-June highs around 121.75 in recent trading and remains bullish. The immediate upside target now arrives at 122.00. Once above this level, the euro could extend the rally towards the 122.30 intermediate resistance area. If EURJPY loses its upside steam in the near term, a retreat below 121.45 could bring the prices to 121.00. On the hourly charts, the RSI has entered the overbought territory, suggesting a correction could take place by the end of the day.
The Kiwi has been on the rise for the sixth day in a row on Monday, having extended gains to nearly one-month highs. The pair climbed to the 0.6565 area and has retreated slightly since then. Still, the prices remain elevated, and it looks like the New Zealand currency is ready for a bullish extension in the near term as the daily RSI is yet to enter the overbought territory. Also, the pair remains well above the key moving averages, adding to the upbeat technical picture on the daily timeframes. On the four-hour charts, however, NZDUSD shows some signs of waning upside momentum, with the RSI settling around the 70 handle. On the downside, the immediate significant support arrives at 0.65.