USD extending to new lows as London/Europe exit for the day

As US yields extended to new lows on the day, the US dollar extends to new lows versus the major currencies:

• EURUSD: The EURUSD is looking to test the high from May at 1.08944. The high price has reached 1.0890. Close risk is now a break back below 1.0875 which is the low of the swing area on the chart below.

• GBPUSD: The GBPUSD has extended to a new session high and in the process is testing the low of a swing area between 1.2793 and 1.2802.

• USDJPY: The USDJPY has moved below the 38.2% retracement of the move on from the May 16 the high price reached on May 29. The level comes in at 156.13. The low price reached a modest target at 155.954.

This article was written by Greg Michalowski at www.forexlive.com.