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

A mixed bag sees a bullish EUR/USD, a bearish GBP/USD and a neutral USD/JPY view, with the directional bias yet to be firmly established.

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 looking up

EUR/USD managed to break above $1.1812 yesterday, bringing a more positive outlook for the pair after a deep retracement into the $1.1715 support zone. That provides us with a bullish outlook, with last night’s retracement looking like a precursor to further gains.

We are seeing those gains come to the fore this morning, with a rally up through yesterday’s high of $1.1834 likely in the short term. The next hurdle would be $1.1863. A bullish outlook is in play, as long as we do not break back below $1.1742. 

GBP/USD looks set for further downside

GBP/USD managed to regain ground yesterday, with the price retracing 70% before turning lower.

There is a chance we could see a move into the 76.4% region. Yet, in either case, a bearish outlook remains in place unless we push above $1.3467.

USD/JPY triangle consolidation in place above key support

USD/JPY is consolidating, following a rally up from the crucial ¥112.00 support region.

A break below that level would provide a bearish picture, given the completion of a head and shoulders formation. Alternatively, an hourly close above ¥112.83 would provide a more bullish view.

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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.