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

The dollar is back, as the currency shrugs off the recent Fed-inspired weakness.

EUR/USD in retreat once more

EUR/USD failed to break $1.15 last week, and further declines have been seen since then. The pair now targets $1.13 in the event of a wider decline, and below this the $1.12 level comes into view.

While oversold in the short term, the price needs to rally above $1.146 to break the downtrend from last week’s high.

GBP/USD at key support

Bulls will need to watch this GBP/USD battle around $1.302 carefully.

If they can hold this zone of support, then an attempt to challenge $1.31 is possible, with a break of this lower high signaling a fresh bullish move in the ongoing uptrend from the December lows. A failure to hold $1.30 points towards a deeper fall, potentially towards $1.28 and then $1.262.

Uptrend back for USD/JPY

The dollar is back in the ascendancy, moving USD/JPY back to the ¥110.00 levels that marked the peak in mid-January.

Yesterday saw the price attempt to clear this level and fail, but the overnight pullback has now run its course it seems, with buyers entering from ¥109.80. A push above ¥110.00, targets ¥111.23, the 200-day simple moving average (SMA).

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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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