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 declines while USD/JPY surges amid US-China trade hopes

EUR/USD breaks lower, with USD/JPY on the rise amid growing hope of a US-China trade deal. Meanwhile, GBP/USD continues to consolidate.

EUR/USD breaks below key support level

EUR/USD fell below the $1.1347 support level this morning, seemingly paving the way for a period of declines over the coming days.

The recent trend of higher highs and lows is likely to remain, yet this drop below $1.1347 points towards a likely retracement phase coming into play from here. With that in mind, watch out for a move into the 61.8%-76.4% retracement zone ($1.1269-$1.1235) before the wider bullish trend starts to come back into play.

GBP/USD continues to consolidate

GBP/USD remains within a consolidation phase, with the pair declining back into the $1.2661 support level this morning. A break below that level would signal a likely bearish phase coming into play.

However, until that break occurs it seems likely we will see another move higher to continue this consolidation phase.

USD/JPY rallies into trendline resistance

USD/JPY has been on the climb throughout recent trading days, with the pair moving towards the crucial ¥108.80 breakout level following a shift out of haven assets this morning. However, the wider downtrend remains intact unless we see a break through that ¥108.80 swing high.

With that in mind, watch for whether we start to decline from trendline resistance, with a break through ¥108.80 required to bring about a bullish outlook for the pair.


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.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.