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

EUR/USD is looking to keep the momentum going with another push higher, while the USD/JPY rally from the November lows falters. 

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.
JPY
Source: Bloomberg

EUR/USD pushes higher again

Having stabilised last week above $1.17, EUR/USD has managed to move higher, but now the price needs to move above $1.1808 to maintain upward momentum.

Above this, there is plenty of resistance stretching from $1.1838 to $1.1879. It requires a firm move below $1.1725 to negate the bullish picture here

GBP/USD fighting to maintain rising trend

GBP/USD dropped below the rising trendline from the mid-November lows, although a bounce this morning has seen the price test the line from below.

If the price can avoid a move below yesterday’s lows, then a new higher low will be created, preserving the broader move higher over the past month. If this happens, $1.3427 and then $1.3550 would come into play. Further declines may head towards support at $1.3268, and then $1.3221.

USD/JPY rally falters

The rally from the November lows for USD/JPY has petered out just below ¥113.70, which raises the possibility that a move back below ¥113.33 will begin.

First support is possible around ¥113.09, and then below this the ¥112.00 area comes into view. A drop below this is needed to create a new lower high. The level to watch for any fresh break to the upside is ¥113.70, which would bring ¥113.91 into play, and then on to ¥114.37.

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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.

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