EUR/USD, and GBP/USD head lower as USD/JPY breaks resistance
EUR/USD, and GBP/USD turn lower once again, while USD/JPY breaks up through near-term resistance level.
EUR/USD falls back into Fibonacci support
EUR/USD has been losing traction over the second half of the week, with the price falling back into the 61.8% Fibonacci support level of $1.1283.
The recent struggles to break through $1.1374 highlights the importance of this inverse head and shoulders neckline. A break back below the $1.1235 swing-low would bring about expectations of another bearish breakdown from here. Until then, a bullish turn would likely bring another challenge of the all-important $1.1374 neckline.
GBP/USD turning lower from trendline resistance
GBP/USD is on the back foot this morning, with the price turning lower from trendline resistance once again.
The failure to break from this trend of lower highs provides us with a continued bearish outlook, with that view holding unless the price pushes up through $1.337 resistance.
USD/JPY breaks resistance, bringing potential for ST gains
USD/JPY has managed to push up through the near-term ¥113.33 swing-high, helping to lift the tone for this under-pressure pair.
With the price having consolidated around the key ¥112.72 November low, this would be the kind of area that we could see a short-term rebound. As such, watch for a potential short-term move higher, with a decline through ¥112.67 required to bring the bearish trend back into play.
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