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 expecting further dollar strength

Dollar strength looks likely to take hold yet again for EUR/USD, GBP/USD, and USD/JPY.

EUR/USD turning lower from key resistance

EUR/USD has managed to rise back into the $1.1754 resistance level, which represents both the prior support levels from August and September, alongside yesterday's peak.

The topping pattern seen over the course of recent weeks looks to have set us on a more bearish course, and thus we are likely to see further losses take shape before long. As such, a bearish outlook is in play here, with a rise through the $1.1872 level required to negate that view.

GBP/USD rallies back into 76.4% Fibonacci level

GBP/USD has rallied back into the 76.4% Fibonacci retracement level this morning, following on from yesterday's decline from that same level.

With the pair weakening once again, the downtrend looks likely to kick in once again. A break back below yesterday's low of $1.2805 would bring greater confidence of a move back towards the $1.2673 low. Ultimately we would need to see $1.3007 broken to negate this bearish outlook.

USD/JPY turning higher after recent pullback

USD/JPY is once again turning higher, with the recent uptrend looking set to continue.

With a wider bearish trend likely to come back into play at some point, the 76.4% Fibonacci resistance level at ¥105.95 will be a notable level of resistance that could cap further gains. However, we ultimately need to see the intraday trend of higher lows negated to bring a bearish outlook once more. That means a bullish view holds unless price drops below the ¥105.26 level.

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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