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 slides, while GBP/USD rebounds and USD/JPY falls back

The euro shows no sign of slowing its decline against the dollar, while USD/JPY may be creating a lower high.

EUR/USD shows no sign of stopping

The downward move continues for the EUR/USD pair and while the price is rebounding off yesterday’s low, the bears will be waiting for another lower high to be created.

Anything below $1.10 will be just such a lower high; with the price below the late 2019 low, the next target is $1.053, last seen in April 2017.

GBP/USD continues to rebound

GBP/USD does appear to have found a low for the time being, having rallied off $1.2875.

Yesterday’s gains stalled at $1.299, so a move above here would create a new higher high on the hourly chart and boost the bullish view. A turn back below $1.295 points towards renewed bearish momentum, targeting $1.29 and $1.2875.

USD/JPY drops back from highs

The USD/JPY price has edged back from yesterday’s highs, and a turn below ¥109.50 would likely mark a near-term top, leaving long-term trendline resistance intact.

This would then bring ¥108.40 and ¥107.70 into play. A revival targets ¥110.00, while a move through ¥110.35 could be a bullish breakout from long-term resistance.

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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