EUR/USD, GBP/USD and NZD/USD ease back, yet bullish trend remains
EUR/USD, GBP/USD and NZD/USD lose ground, yet wider bullish trend points towards potential revival.
EUR/USD regaining ground after recent declines
EUR/USD has been losing ground over the past week, with the pair moving into touching distance with the $1.1067 lows seen in late December.
That move below the 76.4% Fibonacci support level does signal a potential breakdown in the uptrend seen since the lows on 1 October. However, that trend does still remain intact and thus another bout of upside remains a distinct possibility until we see a break below $1.1067 support.
GBP/USD falls towards ascending trendline support
GBP/USD has been on the slide, with the pair moving towards an ascending trendline dating back to 8 November.
This provides the possibility of a rebound from here, with the wider uptrend intact unless we see a break below $1.2904. As such, today will be dominated by the ability or inability to break this ascending trendline.
NZD/USD weakening, but will Fibonacci support provide bottom?
NZD/USD has been regaining ground after hitting the 76.4% Fibonacci support level, with the wider uptrend pointing towards a potential resurgence after last week’s declines.
However, looking at the intraday declines, we remain within the realm of lower highs and lower lows. With that in mind, we need to see a break through $0.6672 to provide a bullish resurgence signal. Otherwise, a break below $0.554 would bring a bearish continuation signal.
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