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 and USD/JPY

The dollar is still in the ascendancy, with EUR/USD under pressure and sellers driving down cable ahead of the BoE.

EUR/USD heading towards key support

EUR/USD continues to fall, with a relentless move lower over the past four days.

The price is now below the 50-day simple moving average (SMA), and further declines target the $1.13 level, previously support in late January. Aside from the mid-November spike lower. This has held as strong support since late October. The bearish view persists unless we see a move back above $1.144.

GBP/USD under pressure ahead of BoE

The downward move for GBP/USD continues here, as the attempt at a bounce yesterday fizzled just above $1.295.

Any short-term bounce that fails to clear $1.295 remains another selling opportunity.

USD/JPY looking to break higher

Attempts to break above ¥110.00 have been fruitless so far for USD/JPY, but rising trendline support from the 31 January lows means we have an ascending triangle pattern in play.

A break higher targets ¥111.36, while a bearish view targeting ¥108.60 would require a break below ¥109.70.


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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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