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EUR/USD, GBP/USD and USD/JPY all moving higher in early trading

Forex markets have seen an increase in risk appetite, with funds moving from safe haven currencies.

EUR/USD rebounds after Monday’s fall

Losses yesterday stabilised the EUR/USD price at the 100-day simple moving average (SMA) at $1.1137, with a dip towards $1.1115 finding buyers.

If this continues to hold then a push back to $1.1175 and the recent double-top seems possible, but a breakout is needed to establish a broader move higher. A failure to hold gains today would bring the $1.18 lows of last week into play.

GBP/USD gearing up for break higher

Rising trendline support from the 24 October low and a turn higher for both hourly stochastics and moving average convergence/divergence (MACD) suggest GBP/USD is poised to push higher after retreating over the past two sessions.

A fresh move higher targets $1.2972 and then $1.3014, with both being near-term levels to watch. Below $1.287 the pair would test $1.28, with lower highs marking fresh selling opportunities.

USD/JPY targets ¥109.00 again

USD/JPY has rebounded from the low seen last week, but now it needs to push on above ¥109.00 to avoid the impression that this level remains unbreakable. A daily close above this level provides the pair with a further bullish dimension, opening the way to ¥109.55 and ¥110.35.

A close below ¥108.00 would break rising trendline support from the August low and suggest a more bearish view is back in play.


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