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.
Established in 1974
Over 185,000 clients worldwide
15,000 markets worldwide

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

Both the euro and sterling are expected to fall against the dollar today, while the yen continues to charge higher despite BoJ attempts to quell its incessant appreciation.

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 forex pair
Source: Bloomberg

EUR/USD back towards range top
EUR/USD has rallied back towards the top end of its $1.1335-$1.1438 range following on from a strong Friday session. This means we are now looking for bearish reversal signs to continue this recent trend. Shorter intraday timeframes are useful for this type of situation.

Ultimately, it seems a safer bet to expect a move towards the lower end of this range than to predict an upside breakout. As such, a bearish view is held unless we see a closed hourly candle above $1.1450.

GBP/USD selling from Fibonacci resistance
IN_GBPUSD is selling off from the 76.4% Fibonacci level, following on from a period of upside in sterling.

Ultimately, we have a very clearly defined downtrend in play throughout April so far. Thus, a bearish view is held unless we see an hourly close above $1.4172. The next key support level is $1.4041.

USD/JPY back to April low
IN_USDJPY has sold off once more this morning, in a continuation of Friday’s weakness, which came after a pullback to the 50% retracement.

With price currently at the ¥107.67 support level, we will need to see a closed hourly candle below this level to indicate a likely next leg lower for the pair. In which case the ¥107.00 head and shoulders projection is the next key support level. 

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.