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 moves up while GBP/USD edges lower and USD/JPY downtrend reasserts itself

The bounce in EUR/USD seems set to continue, while GBP/USD stalls and USD/JPY pushes down after Monday’s failed recovery.

EUR/USD makes further gains

EUR/USD has continued to move higher for the past three sessions, having found support around $1.1775 last week and creating a higher low.

This helped to reinforce the more bullish view that has emerged since the beginning of the month. Further gains target $1.19, but a break above this level is still needed for a more bullish longer-term view to emerge.

GBP/USD gains stall for now

Friday’s recovery maintained the uptrend in GBP/USD, but some momentum is fading as we move further into the week.

Having created a new higher high last week the longer-term upward move is not yet in peril, but a drop below $1.31 would bring another test of rising trendline support into view. A renewed move higher targets $1.33, the high from last week.


USD/JPY downtrend back in play

USD/JPY has moved back below the 50-day simple moving average (SMA) of ¥105.13, creating another lower high and maintaining the long-standing downtrend.

Yesterday’s attempted rally back towards the 50-day SMA was quickly defeated and further losses have been seen since then. Further declines will target ¥103.50, while a move above ¥105.50 is required to reverse the ongoing negative view.


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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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