EUR/USD, EUR/GBP and EUR/JPY advance ahead of Thursday’s ECB meeting
EUR/USD, EUR/GBP and EUR/JPY rise ahead of ECB policy meeting.
EUR/USD trades back above the 200-day SMA
EUR/USD is heading back up again and testing its December-to-March downtrend line at $1.084. If breached, the late February high at $1.0866 will be back in sight.
While Thursday's $1.0796 low underpins, the short-term uptrend remains intact.
Failure at $1.0796 could lead to a sell-off to the $1.0733 to $1.0695 mid-February lows, though.
EUR/GBP remains above its uptrend line
EUR/GBP continues to trade above its February uptrend line at £0.8556 and still has the £0.8573 to £0.8578 key resistance area in view. As long as it caps, further sideways trading remains on the cards.
A rise and daily chart close above £0.8578 needs to be seen for the 200-day simple moving average (SMA) at £0.8609 to be reached.
Support below the uptrend line lies between the July-to-August lows at £0.8504 to £0.8493.
EUR/JPY is regaining lost ground
EUR/JPY's recovery from last week's ¥161.69 low is encouraging for the bulls. This low was made close to the 13 February high at ¥161.63.
Minor resistance now sits at Thursday's ¥163.31 low, a rise above which would target the February peak at ¥163.71.
Only a fall through the 15 February low at ¥160.92 would threaten the medium-term uptrend.
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