EUR/USD retraces into key Fibonacci support
EUR/USD been continuing its period of weakness, following the rally into a new swing high last week. That break into a new 40-day high means that the current weakness we are seeing is likely to be a retracement, rather than a bearish reversal.
With that in mind, the pullback into the 76.4% retracement is particularly interesting. This deep retracement looks like a good area to go long, with a break back below $1.2239 required to negate this bullish outlook
EUR/USD price chart
Will EUR/GBP continue to rise?
EUR/GBP has been moving gradually higher following the retracement into a crucial support zone last week.
With the price around the bottom end of its recent ascending channel, there is a strong chance we could see the price rise once again. A more bearish outlook would come with an hourly close below £0.8733.
EUR/GBP price chart
AUD/USD turning higher from confluence of support
AUD/USD is moving higher after the price fell into the merging trendline support and the 76.4% retracement. Given the multi-month uptrend, there is a strong chance we will see the price begin to turn higher from here.
Looking at the longer term, there is a bearish case to answer to, but that would only come back into play with a break back below $0.7501. Until then, this index looks like a particularly interesting area for longs.
AUD/USD price chart