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 recover, while USD/JPY looks to break higher

EUR/USD and GBP/USD are managing to make some gains, while USD/JPY is still hovering below recent resistance.

EUR/USD continues bullish turn

EUR/USD has managed to move above the 50-hour simple moving average (SMA) of $1.074 for the first time since 10 March.

The price has managed to create higher highs and lows on the hourly time frame, and has cleared $1.08, the highs of Friday and Monday. A move back below $1.065 invalidates the more bullish view, but the recent sharp drop revives the EUR/USD downtrend and suggests that a bigger rebound towards $1.10 would be a possible selling opportunity.

GBP/USD rebound looking unsteady

GBP/USD has moved off the lows of the past week, but it’s running out of momentum as it nears $1.17.

A turn lower from here heads towards $1.142, while a more bullish view in the short term targets $1.19. This development would reinforce the view that the pair has bottomed out for the time being, and would target $1.2366. A reversal below $1.14 signals that more losses may be near at hand.

USD/JPY looks for a breakout

USD/JPY continues to climb, having built a series of higher lows over the past three sessions.

However, it has yet to really clear the area around ¥111.50. If it can do this then ¥112.30 comes into play, and then from here ¥113.64. A reversal below ¥109.50 would be regarded as a bearish development.

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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