FX levels to watch – EUR/USD, GBP/USD, USD/JPY

The dollar continues to suffer against its European counterparts. However, with USD/JPY reaching a key resistance level, will the dollar also suffer against the yen?

EUR/USD heading higher once more

EUR/USD is pushing higher again this morning, following on from a 61.8% retracement earlier in the week. This points towards a likely break through $1.1961 resistance, with the November uptrend still in place.

Given the continued trend of higher highs and lows, we would need to break back below $1.1713 to negate the current uptrend. This would shift to $1.1807, should the price break through $1.1961.

GBP/USD downside unlikely to last

GBP/USD is turning lower this morning, following an overwhelmingly positive week for the pound.

This points towards another leg higher soon enough, with a break below $1.3432 required to negate the current uptrend. Until then, watch out for Fibonacci support as a potential bullish entry area, with the 61.8% ($1.3477) and 76.4% ($1.3460) of particular note.  

USD/JPY turning lower from crucial resistance level

USD/JPY has managed to regain ground, back towards the ¥112.72 resistance level.

That threshold is going to be crucial for the day ahead, with a break above it pointing towards an extension of this bullish resurgence. Until that happens, there is a strong chance we could see some form of pullback as we end the week. 

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