EUR/USD, GBP/USD and USD/JPY continue to push higher
EUR/USD, GBP/USD and USD/JPY on the rise, with dollar weakness failing to transmit against a weakening yen.
EUR/USD rising towards confluence of resistance
EUR/USD has been regaining ground over the course of the week, with the pair pushing towards a confluence of trendline resistance and the $1.164 swing high from 4 October.
That zone represents a key area to watch for the day ahead, with the potential for another turn lower from here. A push through $1.164 brings expectations of a rise back towards the $1.1667-$1.1701 resistance zone.
GBP/USD turning upwards as it pushes up towards key resistance
GBP/USD managed to break up through 76.4% Fibonacci resistance at $1.367 yesterday, with the pair pushing towards the $1.375 swing high from late September. This points towards a potential retracement of the wider selloff from $1.3913 coming into play.
With the $1.3721 and $1.375 zone in play today, there is no guarantee we will move towards the wider $1.3794 retracement level. As such, watch for whether we can break this near-term retracement zone as a sign of a wider rebound. However, the downtrend does still remain relevant unless the price breaks up through $1.3913 resistance.
USD/JPY continues to drive higher
USD/JPY has pushed higher once again today, with the pair trading at the highest level since late-2018.
The ability to remain within an intraday trend of higher lows is key here, with a break back below ¥113.21 support required to bring a more neutral view. Given the recent 76.4% pullback, any near-term downside looks like a potential retracement and buying opportunity unless we take out the ¥113.21 swing low.
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