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

The euro is under pressure again, while sterling’s bounce has run out of steam. 

CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.

EUR/USD creates new lower high

The downtrend for EUR/USD reasserted itself yesterday, creating a new lower high at $1.24.

Further declines brought $1.2280 into view, and then if this goes we look to the March low at $1.2165. A move above $1.24 brings the $1.2450 level into play and then $1.2550.

GBP/USD drifts after breaking trendline

GBP/USD has floated sideways since it broke above the descending trendline from the January high.

A retest of the trendline from above may see the $1.3890 level tested, with a drop back below $1.3880 reigniting the downward move.

USD/JPY finds support

While USD/JPY faltered at ¥107.32 earlier in the week, it has found support around ¥106.00, potentially creating a higher low.

Further losses would bring ¥105.50 into view. A move above ¥107.32 would suggest a test of the ¥108.00 level is on the cards.

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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.