EURUSD saw a respite the past week halting its strong medium term declines and triggering a recovery higher to close the week at 1.2110. This has opened further upside risk towards the 1.2353 level and then the 1.2671 level. Support lies at the 1.1875 level. Although Friday price action saw GBPUSD wiping out its Thursday gains, it managed to close higher at 1.4548. This development has sustained its recovery initiated from the 1.4226 level and now leaves upside threats towards the 1.4768 level and next the 1.5000/52 level. AUDUSD continues to retain its recovery momentum wiping out is past week losses and rallying strongly higher at the end of the week. It now looks to put in a bottom on a clean break of the 0.8550 level with further upside risk extending towards the 0.8576 level. EURJPY failed to sustain a break to a new low at 108.06 the past week turning sharply higher to close the week at 110.96 on Friday. On a follow through higher the pair should aim at the 114.14 level and then towards the 115.46 level.
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