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 run into potential reversal points

Key support and resistance coming into play for EUR/USD, GBP/USD, and USD/JPY, with recent dollar weakness showing signs of reversing.

EUR/USD rebounds into 76.4% Fibonacci resistance

EUR/USD has been on the rise over the course of April thus far, with the heavily-hit pair managing to push back into the 76.4% Fibonacci retracement level.

The wider downtrend does still remain intact below the $1.199 swing high, highlighting how this confluence of the 200-day simple moving average (SMA) and 76.4% Fibonacci resistance could see the pair reverse lower from here. A break back below the $1.186 swing low would bring about greater confidence in that bearish view.

GBP/USD slumps into key support

GBP/USD has seen a dramatic decline over the course of the week, following a rally into the 76.4% Fibonacci resistance level.

That recent pullback has taken the pair into the $1.367 support level, with a break below that level pointing towards an extension of this sell-off. Alternatively, a rise up through the $1.378 level brings hope of a short-term move higher.

USD/JPY rising from Fibonacci support level

USD/JPY has been on the back foot of late, with the pair falling into the 76.4% Fibonacci support level yesterday. While the recent bout of weakness will worry many, it is worth noting that we would need to see a break below the ¥108.41 swing low to negate the recent uptrend.

As such, with the price respecting the Fibonacci support at ¥109.02, there is a good chance we see the bulls come back to the fore today. A break up through the ¥109.94 level would bring greater confidence in that bullish turnaround taking shape.

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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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