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 struggles as GBP/USD and USD/JPY push higher

While the EUR/USD bounce has stalled, GBP/USD and USD/JPY continue to see further gains.

EUR/USD stalls below 50-day SMA

The recovery for EUR/USD has run into resistance below the 50-day simple moving average (SMA) at $1.2156, with the price showing little desire so far to push on above this level.

This dents the bullish view occasioned by the break higher out of trendline resistance, but does not entirely remove it. A rally above the 50-day and then through $1.22 would revive the bullish view, while sellers will need to drive the price back below $1.20 to provide an indication that a new move lower is underway.

GBP/USD hits new high

The brief pullback into early February is now a distant memory, as the GBP/USD price moves on to a new high for this current uptrend.

As noted yesterday, there is little standing in the way of further gains, with a continued move higher expected unless we see the price drop back below Friday’s low of $1.3773.

USD/JPY returns to 200-day SMA

After bottoming out at ¥104.50 last week and creating a higher low, USD/JPY has surged to the 200-day SMA at ¥105.56.

The uptrend from the January low is intact, and further gains are expected, targeting ¥106.10 in the first instance. A loss of ¥105.00 and then ¥104.80 would mark a more bearish development.

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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