EUR/USD, GBP/USD and USD/JPY gain ground, yet questions remain
EUR/USD, GBP/USD and USD/JPY continue to move higher, although recent intraday gains could falter given key resistance up ahead.
EUR/USD rallies into Fibonacci resistance
EUR/USD has managed to rebound into the 61.8% Fibonacci level this week, with the price currently caught between trendline support and Fibonacci resistance. The wider trend does show the potential for another bearish turn before long, although a break below $1.1571 would bring greater confidence of that bearish turnaround.
To the upside, resistance comes in the form of $1.1667 and $1.1701, although a push through $1.1755 would ultimately be required to negate this recent downtrend.
GBP/USD recovery continues with key resistance up ahead
GBP/USD has been regaining lost ground of late, with the pair rising into a fresh one-month high yesterday. From an intraday perspective, we have a clear uptrend playing out since the late-September lows. However, with a wider trend of lower highs, a break through $1.3913 would ultimately need to come back into play.
Nonetheless, it makes sense to expect further upside until we see the price break out of this intraday trend. Thus a decline through $1.3709 would be required to bring the bears back into prominence for this pair.
USD/JPY back at major resistance level
USD/JPY has managed to rise back into the crucial ¥114.74 resistance level, which represents the peaks established back in November 2017 and October 2018. A break up through this level brings expectations of further gains for this pair.
With a clear intraday uptrend in play, a break below the ¥113.88 level would be required to signal a potential move away from resistance.
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