CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

EUR/USD, GBP/USD and USD/JPY all pushing higher

A recovery in risk appetite has bolstered the euro and sterling versus the dollar, and lifted the greenback against the yen.

EUR/USD targets recent high

Having bounced last week from $1.078, the EUR/USD price has continued to rally, establishing higher highs and higher lows over the past two days following the surge on Monday.

Gains since mid-April have stalled around $1.10, so a longer-term break higher requires a push above this level. Alternatively, a break back below $1.092 could signal a bigger retracement, targeting $1.088 and then $1.078.

GBP/USD creates higher low after breakout

GBP/USD broke through trendline resistance on Monday, and while it has dropped back from the highs around $1.23, the price may be in the process of establishing a higher low around $1.218.

Further gains head towards $1.23, and it will be above here that a higher high is created.

USD/JPY uptrend continues

Steady gains have been seen in USD/JPY over the past month, creating higher highs at ¥107.70 and then on to ¥108.00.

A pullback from Tuesday’s high has created a higher low at ¥107.40, and this has been followed up with further gains. A more bearish view requires a drop below ¥107.40, which may open the way to ¥106.80.


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