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 start to recover, while USD/JPY continues wider uptrend

EUR/USD and GBP/USD manage to recover some of their recent losses, while USD/JPY pushes higher from trendline support.

EUR/USD attempts to stabilise after recent losses

EUR/USD has been able to stabilise after a period of sharp declines, with the price moving back up towards the key $1.1925 resistance level yesterday.

That level will remain crucial today, with a push up through that point bringing about an inverse head and shoulders formation. Such a break could bring a wider retracement phase into play. As such, watch for whether the price breaks through $1.1925 as a gauge of the forthcoming price action over the near term.

GBP/USD easing back after sharp rebound

GBP/USD has similarly enjoyed a more positive period over the past 24 hours, with the declines seen in the wake of the Federal Open Market Committee (FOMC) easing somewhat. That rise highlights potential for another upward move before long, with the current pullback expected to represent a retracement before we push higher once more.

A rise through the $1.3944 level would bring greater confidence of such a move, with a good chance we post a wider retracement before long. Such a push would signal a potential push back towards the $1.40 to $1.4051 Fibonacci zone. Until that break occurs, there is still a risk of another move lower.

USD/JPY pushes higher after wider retracement

USD/JPY ended up posting a wider retracement into the region of trendline support yesterday, with the pair pushing higher in early trade since.

The ongoing uptrend seen over the course of the past two months signals a potential for further upside, with a bullish outlook in play unless we break through trendline and the ¥109.20 support.


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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