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 and GBP/USD rally, while USD/JPY is held below resistance

The euro and sterling continue to rally against the dollar, while the greenback remains constrained by resistance against the yen.

EUR/USD returns to March peak

EUR/USD has rallied back to the area of resistance last seen at the end of March, providing an interesting moment for shorts.

A reversal back below $1.10 would needed to confirm that a bigger decline is at hand. Rising support from mid-March would come into play in the event of a deeper pullback, although this may not come into view around $1.085. Above $1.11, the price heads towards $1.14.

GBP/USD spike at risk of turning lower

GBP/USD has rallied towards the 100-day simple moving average (SMA) at $1.2570, but with the longer-term downtrend in place a possible reversal could bring out the bears once again.

Alternatively, a further rally through $1.26 then targets the 200-day SMA at $1.2664.

USD/JPY still testing resistance

While USD/JPY has rallied overnight, the area around ¥107.80 continues to act as resistance, as it has done since early May.

A move through ¥108.70 will bring a move towards ¥109.20, last seen in early April, with the potential for it to be a dramatic move given how strong resistance has been over the past month.


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