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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

FX levels to watch: EUR/USD, GBP/USD, USD/JPY

While the euro struggles at resistance, buyers continue to push USD/JPY higher.

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EUR/USD struggles to clear $1.18

EUR/USD’s price rallied to $1.18 yesterday, but then dropped back.

A close above this level continues to elude the pair, but it remains in an uptrend from the August lows. The near-term bullish view persists unless we see a close below rising trendline support, around $1.1660.

GBP/USD remains in an uptrend

GBP/USD recovered from Friday’s slump, creating a higher low as it held above $1.3040 support.

Further gains target $1.3204 and then $1.33. A drop below $1.3040 would suggest a move back towards rising support, around $1.2990. An ongoing failure to break $1.33 raises the prospect of a continuation of the downtrend seen since April.

USD/JPY surge continues unabated

Since the beginning of the month the intraday dips in USD/JPY have been steadily bought, so we would need to see a move below ¥112.40 to break this run of higher lows.

From here a deeper retracement towards the post-March rising trendline, down towards ¥111.30, could see fresh buying pressure emerge. The current target remains the ¥113.39 high from late July.

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