EUR/USD, EUR/JPY and GBP/USD rise further still
EUR/USD, EUR/JPY and GBP/USD rise further still following Fed Chair Jerome Powell’s dovish testimony.
EUR/USD rallies further
EUR/USD is in the process of breaking through the September-to-February tentative downtrend line at $1.0430. It is close to the key $1.0461-to-$1.0533 resistance zone which needs to be overcome for a medium-term bullish reversal to be confirmed.
Minor support lies at the 23 January low at $1.0372.
Major support below this week's $1.0281 low remains to be seen at the January-to-February lows at $1.0224-to-$1.0178.
GBP/USD advances
GBP/USD has broken through the 55-day simple moving average (SMA) and the September-to-February tentative downtrend line at $1.2488 whilst aiming for last week's high at $1.2550. A daily chart close above this level would confirm a medium-term bottoming formation.
While Tuesday's low at $1.2333 underpins, a short-term uptrend remains in play.
EUR/JPY rises further still
EUR/JPY's rally has now taken it to the 55-day SMA at ¥161.05 with the ¥164 region in focus.
Minor support can be seen between the mid-December to mid-January lows at ¥159.81-to-¥159.70.
Further minor support lies between the late September and 3 February lows at ¥158.11-to-¥157.97.
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