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 in retreat as GBP/USD and USD/JPY continue to move higher

A quieter morning has seen EUR/USD continue its recent weakness, while the rally in USD/JPY has slowed from earlier in the week.

EUR/USD retreats from week’s high

The sellers appear to have reasserted control, pushing EUR/USD back below $1.18 and targeting the $1.16 lower bound of the current range.

Bulls will need to take back control and drive the price back above $1.19 to restore a more bullish view, while a longer-term negative outlook requires a close below $1.16.

GBP/USD falters after new higher high

GBP/USD succeeded in reaching $1.33 yesterday, creating a new higher high.

While the price has now dropped back it remains firmly in an uptrend, with trendline support coming in to play around $1.30. Alternatively, a move back above $1.325 helps suggest that a renewed move higher is in play.

USD/JPY rally eases off above ¥105

Signs of a continued rally have diminished for USD/JPY, as the price moves back above the 50-day simple moving average (SMA) of ¥105.23 but fails to make much further headway.

A reversal back below ¥105.00 would suggest a new move lower, similar to those of recent months. Buyers need to clear ¥106.00 to continue their work of changing the longer-term trend.

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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