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EUR/USD, GBP/USD, and USD/JPY driven by dollar gains

Dollar gains seen in EUR/USD, GBP/USD, and USD/JPY, as risk-off sentiment dominates Europe.

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EUR/USD weakness takes pair within reach of key support

EUR/USD has been on the back foot for much of the week, with Wednesday’s decline into the key $1.2059 providing the notable highlight as the price refused to break lower, for now. That level is going to remain key here, with a break back below $1.2059 providing the completion of a wider head and shoulders formation.

With that in mind, the current intraday trend of lower highs does point towards the potential for further losses today. However, the question of whether we break through that support level or not will provide a key signal for the price action over the coming week.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD turns lower within triangle formation

GBP/USD saw another bout of sharp upside after a 76.4% Fibonacci retracement on Wednesday. However, while the price rose back towards the prior highs, we have seen another pullback come into play today.

With the uptrend in mind, it makes sense to watch for a potential rebound from the $1.3657 Fibonacci support level. Ultimately, a bullish outlook holds unless we see a break below the $1.363 swing low.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

USD/JPY breakout paves the way for further upside

USD/JPY appears to have broken from a long-term downtrend, with the push through trendline and ¥103.93 resistance bringing about a fresh surge for the pair.

The latest pullback and break through ¥104.46 points towards further upside from here. Therefore, a bullish view holds unless we see a break back below the ¥104.17 swing low.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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