Euro Technical Analysis: EUR/USD, EUR/JPY, EUR/GBP

EUR/JPY TREND PULLS BACK

EUR/JPY has arguably been even more bullish than EUR/USD so far this year. While EUR/USD presented an element of range with a recent bullish bias, buyers have been in-control of EUR/JPY price action for much of the year, with prices taking that topside ride on an upward-sloping trendline.

The past two days, however, has seen a quick reversion in that theme as buyers have bailed and sellers have started to move in. Prices are now fast approaching this bullish trendline and for those with an aggressive stance towards Euro strength, looking to fade this recent bout of weakness, a support inflection could be an item to work with.

EUR/JPY DAILY PRICE CHART

EURJPY Daily Price Chart

Chart prepared by James StanleyEURJPY on Tradingview

EUR/GBP WITH REVERSAL POTENTIAL

For those that are looking to fade this move of Euro weakness but would prefer to do so in a traditionally less pensive pair than EUR/JPY or EUR/USD, EUR/GBP may present some interest.

The Euro similarly sold off yesterday against the British Pound but the move appears more moderate. And longer-term structure remains a bit more intact than the two markets looked at above. At this point, a big of support is showing in the zone between the 76.4 and 78.6% Fibonacci retracements and this zone has been helping to set support for the past month.

This can keep the door open to reversal themes in the pair.

EUR/GBP DAILY PRICE CHART

EURGBP Daily Price Chart

Chart prepared by James StanleyEURGBP on Tradingview

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