The EUR/USD, GBP/USD, and EUR/JPY continue their upward momentum, fueled by dovish remarks from Federal Reserve Chair Jerome Powell.
EUR/USD Eyes Key Resistance Levels
EUR/USD is testing a crucial technical level, approaching the tentative downtrend line drawn from September to February at $1.0430. The pair is now eyeing the critical resistance zone between $1.0461 and $1.0533. Overcoming this range is essential for a confirmation of a medium-term bullish reversal.
On the downside, minor support is found at the January 23 low of $1.0372. Stronger support is seen further below at the January-to-February lows between $1.0224 and $1.0178, with this week’s low at $1.0281 marking the immediate floor.
GBP/USD Breaks Key Technical Barriers
GBP/USD has successfully broken through both the 55-day simple moving average (SMA) and the downtrend line stretching from September to February, currently at $1.2488. The pair is now targeting last week’s high of $1.2550, and a close above this level would signal a potential medium-term reversal.
The low of $1.2333 from Tuesday provides immediate support, maintaining the short-term uptrend.
EUR/JPY Bulls Eye ¥164 as Support Holds
EUR/JPY has surged to test the 55-day SMA at ¥161.05, with the ¥164 area now in focus as the next key resistance. Minor support exists in the range between the mid-December to mid-January lows at ¥159.81 to ¥159.70, while further support is located at the late September and February 3 lows around ¥158.11 to ¥157.97.
As Powell’s dovish testimony continues to shape market expectations, these currency pairs remain in bullish territory, with key technical levels set to define the next phase of movement.
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