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.

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

Today’s Fed meeting may not do much for the dollar, but the greenback is already losing ground against other key currencies.

EUR/USD still pushing higher

The price has continued to rally for EUR/USD, moving in the direction of trendline resistance from the March highs.

A breakout above $1.1260 would clear this resistance and open the way to the previous high at $1.1320. Horizontal resistance also comes into play around $1.1260, so this is a key area for bulls. A turn back below $1.1160 would be bearish, but the downward trend from the March highs requires a push below $1.1120.

Sterling bulls reassert control in GBP/USD

GBP/USD surged yesterday and closed above trendline resistance from the March highs, clearing $1.30 in the process.

Fresh gains today have seen it push on above $1.3040 horizontal resistance. Further gains target $1.3130, $1.32 and then on to $1.3350. Dips towards $1.30 may provide buying opportunities intraday.

Bears push down USD/JPY

The price broke below trendline support last week for USD/JPY, and since then rallies have been firm selling opportunities.

The overnight bounce, which formed the low seen yesterday, may be repeated, and already the price has dropped back from the 50-hour simple moving average (SMA) at ¥111.54. Further declines target ¥110.85.

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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