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

Thanksgiving in the US means we are in for a quiet day across FX markets.

Source: Bloomberg

EUR/USD uptrend intact for now

The price for EUR/USD has recovered from the steep losses seen on Tuesday, leaving the uptrend from the November lows intact.

Further gains above $1.1420 would target $1.1460, and then on to $1.1554. A move back below $1.1360 would invalidate the bullish view and give the sellers the upper hand.

GBP/USD hovers above support

The price of GBP/USD has been pushed back to support at $1.2773 but is holding for now.

Further declines would target $1.2720, the low from last Thursday, while a bounce would have to clear $1.2870 and then break trendline resistance from the November high at $1.3160 to suggest the buyers are back in control.

USD/JPY falters after bounce

The price for USD/JPY has rallied but with the US out of the equation for the day further gains may not be forthcoming.

If dip buyers can come in and create a higher low above this week’s low around ¥112.30 then a new trend may develop. Above ¥113.20 the price targets ¥113.60 and then ¥114.20.

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