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 push higher as USD/JPY consolidates

Dollar weakness ahead of non-farm payrolls has allowed EUR/USD and GBP/USD to move higher, while leaving USD/JPY near yesterday’s lows.

EUR/USD holds $1.12 support

For another day, EUR/USD held $1.12 support. The pair is now pushing towards $1.13 and $1.134, and the high from 23 June.

The mid-June declines have stalled, which points the way toward a resumption of the move higher from the beginning of that month. A reversal below $1.12 would likely negate this bullish outlook.

GBP/USD continues its recovery

The GBP/USD surge has carried the pair to its highest level in over a week, with $1.254 the first major level to watch on the upside.

A move above this level would create a new higher high and help reinforce a more bullish view. If sellers are to regain control of the pair then we need to see a drop back below $1.235 and a move back towards $1.225.

USD/JPY consolidates after yesterday’s drop

Despite some weakness yesterday, USD/JPY continues to hold on to its uptrend of the past week.

The downward move from yesterday appears to have stalled at ¥107.40, and a renewed push higher targets ¥108.10. A reversal below ¥107.40 would open the way to ¥106.80 and then ¥106.20

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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