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

USD/JPY is seeing a revival, having rallied to the March highs, while EUR/USD moves higher and the pound holds on above $1.30.

EUR/USD build on last week’s gains

EUR/USD still looks like a ‘buy on the dips’ market, having shaken off the weakness seen at the time of the European Central Bank (ECB) meeting.

Key resistance is still up around $1.14/$1.14, where the rallies of February and March stalled. A fresh decline targets $1.12, where strong support has been found of late.

GBP/USD solidly supported above $1.30

GBP/USD continues to hold above $1.30, and having found strong support around $1.305 is now looking to push through $1.312 and the highs of the past two weeks. Further gains target $1.32.

With the daily moving average convergence (MAC) turning higher (although not yet bullish) the buyers would seem to have the advantage, but a close below $1.30 would negate this.

USD/JPY rallies to top of range

USD/JPY has traded in a range from ¥109.70 to ¥112.00 over the past six weeks, and Friday’s move took it back to the top of this range.

A break higher targets ¥114.00 while fresh declines head towards ¥110.90 and then down to ¥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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