EUR/USD, GBP/USD, and USD/JPY at risk despite current rise
EUR/USD, GBP/USD, and USD/JPY on the rise, yet questions remain over the potential for a subsequent pullback.
EUR/USD starts to stabilise after latest decline
EUR/USD fell back into a fresh a three-month low yesterday, but has been stabilising in the hours since.
With a clear downtrend in play from an intraday perspective, we are expecting further weakness, if we do not break through the $1.1881 swing high. Despite that, we could see a short-term rebound to provide another retracement phase.
GBP/USD finding support on Fibonacci support
GBP/USD has started to take a more bullish shape after a period of declines yesterday, with the pair gaining traction at the 61.8% Fibonacci support level.
The rise through $1.3898 highlights the potential for a more bullish phase coming into play here. With that in mind, a positive outlook is in play here, where a break below $1.3742 would be required to bring a bearish continuation pattern.
USD/JPY rises back into trend line resistance
USD/JPY has been on the rise since Thursday’s low, with the pair rising back towards trend line resistance. That trend line breakdown highlights the potential for this latest rise to be a short-term retracement before we head lower once again.
With that in mind, there is a good chance we could see the bears come back into play around these levels. A breakup through the ¥111.65 level would be required to negate that bearish potential.
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