EUR/USD, GBP/USD and USD/JPY rebound for now
The euro is staging a recovery against the dollar, while USD/JPY has recovered from an overnight low.
EUR/USD stages rebound
Traders will watch anxiously to see if the EUR/USD bounce has further to go, or if it is poised to create a lower high.
Yesterday saw the pair retreat from the 50-hour simple moving average (SMA), but the price has pushed through this and is now testing the 100-hour SMA at $1.08602. A reversal back below here may create a lower high, and potentially a selling opportunity. Alternatively, further gains target $1.097, and then on to $1.105.
GBP/USD heads back to $1.24
The GBP/USD price has been able to rally off the lows as it pushes back up towards $1.24.
However, while it has moved higher, it has yet to take out the highs from the last two weeks around $1.25. Until this happens, the price is at risk of a turn lower. Above $1.25 the next target is $1.2635, while a fresh decline heads towards $1.22.
USD/JPY rallies off higher low
Gains continue in USD/JPY, as the price drops back to ¥108.80, and begins to create a higher low.
Further gains head towards ¥1.0930, and then on towards ¥110.00. Alternatively, a bearish view requires a drop back below ¥108.00.
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