EUR/USD, GBP/USD and USD/JPY all push higher
A recovery in risk appetite as Ukraine tensions appear to ease has helped the euro and sterling move up against the dollar and also for USD/JPY to make small gains.
EUR/USD pushes up as risk appetite rebounds
The recovery in risk appetite continues to be felt across a variety of markets, and in this case EUR/USD has managed to make some headway, recouping all of Monday’s losses and moving back above the 50-day simple moving average (SMA), $1.133. Further gains then put the recent double top around $1.147 into view.
Sellers will want to see a drop back below $1.128, the low from Monday’s session, in order to suggest that a move back towards the January lows is in the offing.
GBP/USD finds buyers again
Once again yesterday a dip with GBP/USD below the 100-day SMA ($1.3505) found buyers and the price has pushed higher in the wake of the consumer price index (CPI) reading. Crucially the price has been able to push above trendline resistance from the January high, although previous attempts earlier in the month were rebuffed.
$1.36 remains clear resistance in the short term, but above here the 200-day SMA at $1.3694 comes into view. Sellers will remain frustrated unless they can push the price below $1.348, which would also likely put it below the 50-day SMA.
USD/JPY heads higher
Having recovered from its dip towards ¥115.00 last Friday and at the beginning of the week, USD/JPY is pushing higher once again. This brings the highs from January and early February, around ¥116.40, into play once again.
A reversal below ¥115.00 is required to open the way to additional downside, potentially bringing ¥114.15 and then ¥113.60 into view.
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