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 and GBP/USD under pressure but USD/JPY rallies off the lows

The US is out of the picture due to Independence Day, which will mean low levels of activity across forex markets.

EUR/USD consolidating after heavy losses

EUR/USD moved a little since Monday, but a higher low may be in the process of forming.

A move back above $1.13 helps to restore the uptrend, targeting $1.14, and then on to $1.145 and $1.15. A move below $1.122 is needed to suggest that rising trendline support from the May low has been broken.

GBP/USD under pressure

GBP/USD finds itself at the lower bound of its recent trading range, with the decline over the past few days having slowed.

A recovery above $1.26 might suggest a move back towards $1.278 and the highs from late May and early June. Below $1.25, the price heads towards $1.243.

USD/JPY stuck below trendline resistance

The price of USD/JPY rallied off the lows yesterday, but for now remains below downtrend resistance from the April highs.

A move above ¥108.00 would reinforce the emerging bullish picture, and perhaps suggest that a higher low is in play. This would be reversed if the price moves back below ¥107.50


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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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