CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

EUR/USD, GBP/USD, and USD/JPY driven by dollar gains

Dollar gains seen in EUR/USD, GBP/USD, and USD/JPY, as risk-off sentiment dominates Europe.

EUR/USD weakness takes pair within reach of key support

EUR/USD has been on the back foot for much of the week, with Wednesday’s decline into the key $1.2059 providing the notable highlight as the price refused to break lower, for now. That level is going to remain key here, with a break back below $1.2059 providing the completion of a wider head and shoulders formation.

With that in mind, the current intraday trend of lower highs does point towards the potential for further losses today. However, the question of whether we break through that support level or not will provide a key signal for the price action over the coming week.

GBP/USD turns lower within triangle formation

GBP/USD saw another bout of sharp upside after a 76.4% Fibonacci retracement on Wednesday. However, while the price rose back towards the prior highs, we have seen another pullback come into play today.

With the uptrend in mind, it makes sense to watch for a potential rebound from the $1.3657 Fibonacci support level. Ultimately, a bullish outlook holds unless we see a break below the $1.363 swing low.

USD/JPY breakout paves the way for further upside

USD/JPY appears to have broken from a long-term downtrend, with the push through trendline and ¥103.93 resistance bringing about a fresh surge for the pair.

The latest pullback and break through ¥104.46 points towards further upside from here. Therefore, a bullish view holds unless we see a break back below the ¥104.17 swing low.


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.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.