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 gains falter as GBP/USD and USD/JPY come under pressure

The rebound in EUR/USD has run into resistance, while GBP/USD and USD/JPY have both declined in recent sessions.

EUR/USD bounce hits a speedbump

The bounce of EUR/USD from the lows of last week has stumbled at the 200-day simple moving average (SMA) at $1.1885, with the price failing to hold its gains from yesterday. A reversal has yet to develop however, and the pair is holding its ground for now ahead of European Central Bank (ECB) minutes today.

Thus we could see a reversal, but for now there is insufficient evidence for this. A drop below $1.18 would provide further reinforcement of this view, while continued gains above $1.19 clearly hint at a move towards the 50-day SMA ($1.1973).

GBP/USD edges higher after two days of losses

Losses of GBP/USD have stalled above $1.37, avoiding for now a drop below the late March lows.

The uptrend of the past ten months has come under heavy pressure, so a recovery back above $1.385 would be a welcome development for the buyers. Alternately, the sellers will want to see continued declines below $1.367 that will clear the lows of March and open the way to further downside.

USD/JPY heads lower as dollar weakens

A fresh decline of USD/JPY has seen the price edge below Wednesday’s lows, and further losses towards ¥108.50 or even ¥107.50 seem likely. A recovery above ¥110.00 would provide a more bullish outlook, but for now the sellers appear to hold sway.

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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