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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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

FX markets have seen some US dollar weakness, providing breathing room for sterling and the euro.

USD
Source: Bloomberg

EUR/USD moves above trendline resistance

Gains for EUR/USD have stalled around the $1.1680 mark, but the price has managed to push above downtrend resistance from the April highs.

From here $1.1720 comes into play, and then on to $1.1850. A move back below trendline resistance would bring the pair back towards the $1.1550 zone of support that has held since the end of May.

EUR/USD price chart

GBP/USD mixed as PMI figures arrive

The price for GBP/USD has moved towards possible trendline resistance at $1.3230, and a turn lower from here would bring the $1.3040 level into play once more.

Above here, $1.33 and then $1.3470 are the areas to watch for potential resistance.

GBP/USD price chart

USD/JPY stalled at resistance

Yet again another attempt to move above ¥110.84 has failed for USD/JPY.

However, with a possible higher low being created overnight, the price may yet mount another attempt to clear this resistance level and move on to ¥111.40. Below ¥110.10, the price will head back towards possible support at ¥109.50.

USD/JPY price chart

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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