EUR/USD, GBP/USD, and NZD/USD start to regain lost ground
EUR/USD, GBP/USD, and NZD/USD are starting to regain ground, but will this last?
EUR/USD turning higher after recent volatility
EUR/USD saw sharp volatility yesterday in the wake of the European Central Bank (ECB) meeting, with initial gains being followed up by a sharp move lower.
Coming off the back of a decline into the key $1.1754 support level, we are looking for further upside to regain the ground lost at the start of September. With price respecting the 61.8% Fibonacci retracement level, further gains look likely over the short term, with a break back below $1.1754 required to negate this short-term bullish outlook.
GBP/USD turning higher after recent selloff
GBP/USD is moving higher as the pair seeks to retrace some of the downside seen yesterday.
A break through the $1.3035 level would bring about a more long-lasting bullish outlook, yet for now the gains could be relatively fleeting in nature given the downtrend in play. As such, while short-term upside could take hold over the coming hours, that is likely to provide a precursor to further weakness before long.
NZD/USD turning higher after Fibonacci retracement
NZD/USD has been regaining ground after a decline back into the 61.8% Fibonacci support level on Tuesday.
With the price on the rise again this morning, a break through $0.6708 could pave the way for a wider move higher for the pair. As such, with bullish momentum building, there is a good chance we will see further upside from here.
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