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 edging higher

All eyes will be on USD/JPY, which has moved up for a second successive day. EUR/USD and GBP/USD are quieter, but have so far avoided further losses.

EUR/USD consolidates near $1.21

The EUR/USD pair’s ascent was given new life on Friday with a push towards $1.21, and while it has edged back over the past couple of days the overall bounce remains intact.

The next target is $1.22, and for the time being the price continues to hold at a sharply ascending support trendline. If this is broken a drop back towards $1.20 is possible.

GBP/USD renews upward move

The previous two days have seen a recovery of GBP/USD back above the 50-day simple moving average (SMA), reversing the growing bearish view of early last week.

This puts a move back to $1.40 in view, while above $1.405 the February peak looms at $1.425. The attempt by sellers to push the price below $1.38 last week failed, and leaves the bullish view in the ascendant for the time being.

USD/JPY begins tentative rebound

A bullish crossover in stochastics and a reversal of the lower highs of the past month may well point towards a renewed move higher, reviving the uptrend of the past few months.

This guardedly bullish outlook is maintained unless the price of USD/JPY reverses back below ¥107.50.

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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