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 all looking strong

We continue to see signs of risk appetite, as EUR/USD, GBP/USD and USD/JPY keep rallying following gains earlier this week.

EUR/USD strong ahead of ECB

The EUR/USD pair shows no sign of slowing in its ascent ahead of the European Central Bank (ECB) meeting.

Over the past two weeks the pair has found support near the rising 50-hour simple moving avergae (SMA) which is currently $1.1198, and if this holds again another bounce above $1.126 may result. A reversal below $1.11 is needed to provide a more bearish view in the near term.

GBP/USD still advancing

GBP/USD bulls will be hoping for the creation of a higher low as the price retreats from the highs of the week.

A rebound targets those highs at $1.26 and higher, while declines head towards $1.225 and then $1.22. Bears will need to see the creation of lower highs on the hourly chart, which for the time being is still an elusive goal.

USD/JPY pauses after sharp rally

The USD/JPY pair has finally cleared the zone of resistance around ¥107.80 and has leaped higher as a result.

Pullbacks towards this previous area of resistance may be buying opportunities, while short-term upside targets ¥109.45 and then on to ¥112.00.

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.

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