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 tries to rally, as GBP/USD retracement stalls, while weakness in USD/JPY continues

While the euro attempts to recover against the dollar, sterling is holding support, but the dollar is in retreat again against the yen.

EUR/USD attempts to clear $1.19 again

EUR/USD continues to knock on the door of $1.19, reaching this level several times in recent sessions but unable to break higher. This stalling of momentum could mean that a reversal is near, but this will need a trigger such as a drop back below $1.185.

Further gains target $1.1986, with a recovery of the latter putting the price back above the 50-day simple moving average (SMA) at $1.1963, another positive development.

GBP/USD holds $1.366

GBP/USD once again had a price dip to $1.366 but then recovered, as it did in late March. A continued rebound would put $1.39 back into view, and then $1.40.

For now price action continues to support a consolidation before further gains; a move back below $1.36 is needed to put a bigger dent in the ongoing bullish thesis.

USD/JPY continues to fall

USD/JPY price continues its decline, and a small bounce earlier today has met with fresh selling.

This looks set to put ¥108.30 into view. The overall uptrend is still firmly in place, but for the moment a continued retracement seems likely.

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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