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 steadies after pullback, while GBP/USD and USD/JPY climb

EUR/USD is finding some support after recent losses, and GBP/USD and USD/JPY continue to rise.

EUR/USD edges back above 50-day SMA

EUR/USD's pullback has given short-term shorts a chance while also helping to create a higher low and confirm the continuation of the uptrend.

The recovery above the 50-day simple moving average (SMA) of $1.2078 is a good first step, and will help reinforce the impression that further gains in the direction of $1.23 and higher are likely. A reversal below $1.205 would point towards renewed weakness in the near term.

GBP/USD recovers $1.36

GBP/USD’s choppy pattern continues, but once again the price has recovered after some brief weakness.

As the price neared $1.35, buyers came in to drive the price back up, creating a higher low. Renewed gains target $1.37, while a revival of the bearish case requires a reversal back below $1.35 and then below last week’s low at $1.345.

USD/JPY clings on near ¥104

As in previous lower highs, USD/JPY continues to fight hard to hold around the 50-day SMA (¥103.97).

Short-term resistance would come into play at ¥104.08, while rising support over recent days has prevented any significant downside. A drop below ¥103.50 would confirm the view of the current bounce as forming a lower high, while gains above ¥104.40 may point towards further strength.

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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