EUR/USD, GBP/USD, and USD/JPY run into potential reversal points
Key support and resistance coming into play for EUR/USD, GBP/USD, and USD/JPY, with recent dollar weakness showing signs of reversing.
EUR/USD rebounds into 76.4% Fibonacci resistance
EUR/USD has been on the rise over the course of April thus far, with the heavily-hit pair managing to push back into the 76.4% Fibonacci retracement level.
The wider downtrend does still remain intact below the $1.199 swing high, highlighting how this confluence of the 200-day simple moving average (SMA) and 76.4% Fibonacci resistance could see the pair reverse lower from here. A break back below the $1.186 swing low would bring about greater confidence in that bearish view.
GBP/USD slumps into key support
GBP/USD has seen a dramatic decline over the course of the week, following a rally into the 76.4% Fibonacci resistance level.
That recent pullback has taken the pair into the $1.367 support level, with a break below that level pointing towards an extension of this sell-off. Alternatively, a rise up through the $1.378 level brings hope of a short-term move higher.
USD/JPY rising from Fibonacci support level
USD/JPY has been on the back foot of late, with the pair falling into the 76.4% Fibonacci support level yesterday. While the recent bout of weakness will worry many, it is worth noting that we would need to see a break below the ¥108.41 swing low to negate the recent uptrend.
As such, with the price respecting the Fibonacci support at ¥109.02, there is a good chance we see the bulls come back to the fore today. A break up through the ¥109.94 level would bring greater confidence in that bullish turnaround taking shape.
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