EUR/USD and GBP/USD turn higher from Fib support, while USD/JPY grinds lower
EUR/USD and GBP/USD head higher after a recent pullback, while USD/JPY continues to grind lower.
EUR/USD looks likely to push higher from here
EUR/USD been on an uptrend over the course of the past three weeks, with the recent rise through $1.199 providing a bullish continuation signal with that trend.
We have seen the price pull back since Tuesday, but thus far we have simply retraced into the 61.8% Fibonacci level and started to move higher. With that in mind, there is a good chance we see the bulls come back into play before long, with a break below $1.1942 required to negate this bullish outlook.
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GBP/USD turning higher from 61.8% support
GBP/USD has also started to regain ground from the 61.8% Fibonacci support level, with the recent rally into $1.4006 signalling a potential end to the recent pullback.
With that in mind, there is a good chance we see the bulls come into play from here, with a break back below the $1.3716 and $1.367 zone required to bring a bearish picture into play once again.
USD/JPY grinding lower after breakdown
USD/JPY broke below the key ¥108.34 support level on Monday, bringing an end to a multi-month uptrend that has been in play since the turn of the year. However, the subsequent decline has been very gradual in nature.
The status quo would signal the potential for further downside here. However, the slowing momentum does raise a risk that the pair posts a wider retracement before long. Watch for a rise through ¥108.23 to bring that near-term bounce into play.
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