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

EUR/USD may be creating a double bottom after rallying off $1.118, while the pound is still moving higher against the US dollar.

EUR/USD supported again at $1.118

The price of EUR/USD has for now found a bottom around $1.118.

This is where the late-February/early-March sell-off came to a stop, so the possibility of a double bottom is now in place. Those with a bearish outlook might view the rally off the lows of $1.118 as a possible selling opportunity, as the price falters at $1.1245. A turn lower from here would mark a resumption of the current downtrend. Alternately, continued gains above $1.125 would support a more bullish thesis, targeting $1.13 and then $1.145.

GBP/USD continues its rally off $1.30

For GBP/USD too, a possible bottom for sterling around $1.30 may well have been formed.

Further gains target the area around $1.335, with the bullish view firmly intact unless the price moves back below $1.296. A failure to move above $1.335 might signal the establishment of a trading range between $1.30 and $1.33.

USD/JPY rally running out of steam?

Gains for USD/JPY have stalled at ¥111.50 over the past few days, suggesting a lower high may have been created.

A turn lower would target ¥109.56. Above ¥111.50 the price heads towards ¥112.00 and from there on to ¥112.80 and trendline resistance from the October highs.

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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