EUR/USD, EUR/GBP head higher ahead of Thursday’s ECB meeting while USD/JPY rises
EUR/USD, EUR/GBP head higher ahead of Thursday’s anticipated 25 bps ECB rate cut while USD/JPY rises.
EUR/USD is heading back up again
Last week EUR/USD once more bounced off its breached March-to-May downtrend line which, because of inverse polarity, acted as support, together with the 200-day simple moving average (SMA) at $1.0787. While this low underpins, the medium-term uptrend remains intact.
Key resistance to overcome are the $1.0882 to $1.0895 April and May highs.
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EUR/GBP tried to bounce off key support
EUR/GBP bounced off the major £0.8503-to-£0.8493 support zone last week, having on Wednesday briefly dipped to $0.8484, but faltered at £0.854. If overcome, the 55-day SMA at £0.8558 would be in sight.
Were a daily chart close below £0.8484 to be seen, though, the July and August 2022 lows at £0.8409-04 would be targeted instead.
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