EUR/USD, GBP/USD and USD/JPY all on the up
Major FX pairs are seeing a recovery in risk appetite, as investors look for opportunity as coronavirus fears recede.
EUR/USD finally breaking higher?
The EUR/USD has edged lower over the past two sessions, but may finally be pushing higher, as it breaks out of a triangle formation.
The next target to the upside would be $1.11, while a reversal below $1.103 would suggest that the sellers are back in charge, and will retest the crucial $1.10 area of support.
GBP/USD stages recovery
GBP/USD recovered from Monday’s heavy losses and has steadily pushed higher since then.
A renewed attempt to clear trendline resistance from the late-December high is underway, as the price targets $1.313. A bearish view requires a close below $1.295, something that has been staunchly resisted over the past month.
USD/JPY surges along with equities
The rebound in risk appetite has been seen in USD/JPY as well.
The pair has surged through the ¥109.30 zone, the previous lower high at the end of January and has also rebounded off the 200-day simple moving average (SMA) of ¥108.40. Further gains target ¥110.00, and then ¥110.30, the former being trendline resistance and the latter being the mid-January peak.
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