Euro, British Pound Fall Across the Majors as Risk Trends Drive Price Action

Indeed, both EUR/JPY and GBP/JPY broke below intraday rising trendline support, suggesting further decline could be in store. Meanwhile, the US dollar remains very range bound, as the DXY index consolidates between 78.35-79.05. Ultimately, this means that EUR/USD and GBP/USD remain quite range bound as well, with the former holding to 1.4150-1.4300 and the latter holding to 1.6400-1.6550. With few market-moving releases due to hit the wires through the remainder of the week, price action for EUR/USD, EUR/JPY, GBP/USD, and GBP/JPY may have more to do with risk trends than anything else.