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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how 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

The euro and sterling face hurdles in their march higher, but USD/JPY has already punched through resistance.

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EUR/USD tries to break $1.17 again

EUR/USD is making another attempt to move above the $1.17 area that has blocked progress since the second half of August.

Above this, the $1.18 area and then $1.1852 come into view. Rising trendline support appears around $1.1630, and further weakness requires a close below $1.1523.

GBP/USD faces key resistance

The uptrend continues for GBP/USD, but so far this week gains above $1.3170 have proved fleeting.

A breakout above this level targets $1.32, and then on to $1.3302. A move below $1.2940 would be needed to end the current bullish trend from the August lows.

USD/JPY rally picks up steam

A rising trendline from the March lows continues to offer support for USD/JPY, and the close above the resistance zone around ¥112.00 suggests a push to the July highs at ¥113.00.

Retracements towards ¥111.00 and the post-March trendline will continue to be buying opportunities, with a close below the September low, around ¥110.50, needed to indicate a bearish development.

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.  Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. 

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.

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