FX levels to watch – EUR/USD, GBP/USD, USD/JPY

The euro and the pound are both showing strength against the US dollar, while USD/JPY seems poised to move lower.

EUR/USD continues to push higher

The price for EUR/USD dropped back from recent highs, but having broken out of the downtrend from the highs of February, the buyers remain in control.

The $1.2368 level is holding as support, and if this is lost then we would look to $1.2340 and a retest of the trendline from above. Near-term targets are at $1.2450 and then $1.25.

GBP/USD trend intact

Dips over the past two days have found buying strength, as the steady uptrend continues for GBP/USD, reaching $1.4220 and then $1.4278.

A break of $1.3960 is needed to put a more bearish view on the pair.

USD/JPY poised for new turn lower

The rebound has created a new lower high for USD/JPY, with the price remaining firmly in the current downtrend.

A fresh move lower will target last week’s lows around ¥104.60. A further rally will head back towards ¥106.70.

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All trading involves risk and losses can exceed deposits. Trading CFDs may not be suitable for everyone so please ensure that you fully understand the risks involved. All trading involves risk and losses can exceed deposits.