EUR/USD, GBP/USD and USD/JPY all pushing higher
A recovery in risk appetite has bolstered the euro and sterling versus the dollar, and lifted the greenback against the yen.
EUR/USD targets recent high
Having bounced last week from $1.078, the EUR/USD price has continued to rally, establishing higher highs and higher lows over the past two days following the surge on Monday.
Gains since mid-April have stalled around $1.10, so a longer-term break higher requires a push above this level. Alternatively, a break back below $1.092 could signal a bigger retracement, targeting $1.088 and then $1.078.
GBP/USD creates higher low after breakout
GBP/USD broke through trendline resistance on Monday, and while it has dropped back from the highs around $1.23, the price may be in the process of establishing a higher low around $1.218.
Further gains head towards $1.23, and it will be above here that a higher high is created.
USD/JPY uptrend continues
Steady gains have been seen in USD/JPY over the past month, creating higher highs at ¥107.70 and then on to ¥108.00.
A pullback from Tuesday’s high has created a higher low at ¥107.40, and this has been followed up with further gains. A more bearish view requires a drop below ¥107.40, which may open the way to ¥106.80.
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