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 edges down as GBP/USD and USD/JPY move higher

The euro has fallen back against the US dollar, with USD/JPY rebounding for the time being.

EUR/USD edges back below $1.23

After moving up for three days, EUR/USD has edged back down again, but it has still managed to create a new higher high in its ongoing rally.

For the moment this drop appears to be just a short-term decline – a more bearish view would come into play with a drop below $1.22, which would also result in a break below rising trendline support from early December.

GBP/USD holds above $1.35

GBP/USD gains since Monday’s drop have failed to recover the highs from that session, but so far the downside has been limited, with losses contained above $1.354.

Further gains continue to target $1.3711, while a drop below $1.347 would likely signal the beginning of a deeper retracement that targets the rising 50-day simple moving average (SMA) at $1.3335.

USD/JPY rebounds from lower low

After hitting a nine-month low on Tuesday the USD/JPY price has bounced, as may have been expected following the recent poor run in late December.

Previous rallies have run out of steam near the 50-day SMA (¥104.02) so this is an area to watch in the event of further near-term gains.

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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