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

FX levels to watch – EUR/USD, GBP/USD and USD/JPY
админ
09/04/2018

36cc0e15ab26a2ea35bda14b9216d72d - FX levels to watch – EUR/USD, GBP/USD and USD/JPY

Source: Bloomberg

EUR/USD turning lower from Fibonacci resistance

EUR/USD is starting to weaken this morning, following on from a rally into the 76.4% retracement.

The creation of lower highs and lows over the past week points towards the possibility of a bearish turn lower once more today. With that in mind, we would need to see a break back up above $1.2314 to provide a shift from this recent bearish trend.

EUR/USD chart

c863664a6fdb528f18afde02b722f089 - FX levels to watch – EUR/USD, GBP/USD and USD/JPY

GBP/USD rebounds through key resistance

GBP/USD has been tentatively pushing through the crucial $1.4097 resistance level since Friday, with the price having rallied up from a drop into trendline support on Thursday.

This rally now provides a more bullish outlook, with the wider uptrend coming into play once again. With trendline resistance up ahead, there is a chance we could start to retrace lower in the near term. However, unless we break below the $1.3965 level, there is a chance we could see any retracement lead to further upside.

GBP/USD chart

2396c52712a45e1015b05b49b1c51c12 - FX levels to watch – EUR/USD, GBP/USD and USD/JPY

USD/JPY moving higher from inside trendline

USD/JPY has seen a short-term bounce from the inside trendline dating back to late February. The recent rally through ¥107.01 and ¥107.31 point towards a potential bullish reversal for the pair following months of downside.

Should we push up through ¥107.49, there is a strong chance we will see a strong push higher. The late-February high of ¥107.90 represents the next major resistance level to watch out for. While there are clear signs of a potential reversal, it should be noted that this pair is particularly susceptible to any shifts in the status of the US-Chinese trade standoff, raising volatility.

USD/JPY chart

ea914792e636cdcd9cff82fb49c7c0a1 - FX levels to watch – EUR/USD, GBP/USD and USD/JPY

Source

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news
09/04/2018
админ
Related ItemsEURFibonacciforexFXGBPpricetradetriggerUSvolatility

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