EUR/USD reversal in play as dollar comes into focus
EUR/USD appears to have finally turned a corner this week, with the uptrend seen since the June lows currently being reversed -EUR/USD Forex Trading: EUR/USD reversal in play as dollar comes into focus.
There’s a solid possibility this decline is going to be a retracement of the wider $1.1168 $1.2011 rally, with additional downside to come. The four hour chart highlights this the latest reversal of play, with the cost trying to restore ground yesterday.
Additional drawback appears very likely from there, with a rest with the $1.1719 amount needed to mean a wider upward retracement of the decline from $1.1871 coming into play. At any rate, the latest breakdown seems to mean an approaching period of downside for the pair.
GBP/USD likely to fall more before long
GBP/USD has been on the back foot as soon as more this week, with the pair hitting a two month tight on Wednesday.
While we’re seeing the purchase price effort to stop those decline since, we’re likely going to find out additional drawback before long. As a result, a rest back under $1.2675 points towards instant weakness, whereas an increase above $1.2777 elevates the likeliness of a short term upward retracement coming into play. Either way, we will have to find out $1.3007 broken to negate the present bearish perspective.
USD/JPY rises into Fibonacci resistance
USD/JPY has been on the rise of the course of the week, with the cost coming within touching distance of the 61.8 % Fibonacci opposition level immediately.
The wider downtrend does raise the likeliness of a bearish turn before long, with a drop beneath the ¥105.20 mark bringing about a fresh bearish signal. Until then, this short term recuperation might persist as we move into the full retracement zone.
EUR/USD Forex Trading: EUR/USD reversal in play as dollar comes into focus