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 and GBP/USD mixed as USD/JPY moves into narrow range

Rallies in EUR/USD and GBP/USD have stalled for now, while USD/JPY has found itself stuck in a tight range as the buyers and sellers fight to establish the next direction.

EUR/USD steadies around $1.21

The EUR/USD price fell back from last week’s high, but only slightly, leaving the bullish move of the past few weeks firmly in place, but perhaps looking a touch overextended ahead of the European Central Bank (ECB) meeting this week.

Rising trendline support from the November low would come into play around $1.20, and then below this $1.1815 is also possible support.

GBP/USD rocked by Brexit news

Headlines regarding negotiations saw the GBP/USD pair move around quite a bit yesterday, with a dip towards $1.32 being met by buying.

While it finished well off the lows it has begun to seep lower in early trading, suggesting perhaps some more weakness in the short-term, possibly towards the rising 50-day simple moving average (SMA) at $1.3128. A recovery of $1.34 would begin to point to a new leg higher that could see the price challenge $1.35 again.

USD/JPY holds around ¥103.70

The downward move for USD/JPY has been stalled above ¥103.50 for two weeks now, with a range emerging between ¥103.70 and ¥104.50.

So far there is little sign of a new direction emerging, so we wait for a break below to re-establish the downtrend, or above to point towards a resumption of the bullish move seen earlier in November.

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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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