EUR/USD and GBP/USD on the rise, while USD/JPY reaches trendline resistance
EUR/USD and GBP/USD push higher as they seek to regain lost ground. Meanwhile, USD/JPY gains take us back into trendline resistance.
EUR/USD gradually regaining ground after dramatic sell-off
EUR/USD has been attempting to regain ground over the course of this week thus far, with the pair gradually grinding higher since Monday's low. However, that rise is a laboured one, with the price falling back again this morning.
There is a good chance that we do see EUR/USD weaken once again before long, yet we need to see a break below the 1.1881$ level to heighten expectations of such a move. Until then, the current pullback could represent another retracement as we gradually regain ground. With that in mind, keep an eye out for the 1.1908$-1.1897$ Fibonacci support zone as a region where the bulls could come back into play.
GBP/USD on the rise from Fibonacci support
GBP/USD has been on the rise since finding support on the 76.4% Fibonacci support level at 1.3806$.
The push up through 1.3938$ has led to the rise seen this morning, with further strength seeming likely over the near term. There are questions over whether we will roll over once again, but a bullish outlook holds unless we see the price fall below the 1.386$ swing low.
USD/JPY rallies back towards trendline resistance
USD/JPY has been on the rise since finding support on the ascending trendline dating back to mid-April. We have seen a great rebound after that retracement, but there are signs that we could soon see this latest rise draw to an end.
The peaks seen over the course of May and June highlight how this trendline resistance could cap the rebound, with a push through that line required to bring a potential bullish continuation signal. Until then, it might make sense trimming bullish positions as price runs the risk of easing back from trendline resistance.
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