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 USD/JPY falter while GBP/USD fights to hold support

The euro’s bounce against the greenback is running out of steam, while against the yen the dollar is also losing momentum.

EUR/USD rebound begins to stall

The EUR/USD rebound from the lows of late September has stalled below $1.100. If this marks a lower high then the price may begin to roll over and target $1.085.

A move above $1.100 then encounters trendline resistance from the June high at $1.102. A break above this would provide a more short-term bullish view, but the pair still remains firmly in a longer term downtrend.

GBP/USD tests $1.225 again

Cable is once again testing the $1.225 area that has marked support over the past two weeks for the GBP/USD currency pair. If this continues to hold then another attempt to break above $1.235 may result.

It would require a daily close of below $1.220 to reassert the bearish case, targeting $1.200.

USD/JPY in descending channel

The USD/JPY pair continues to bounce from the lower bound of its descending channel, although gains are already stalling at ¥107.40 as they did yesterday.

A push lower heads to ¥106.60 and the lows from last week, while fresh gains head to the upper bound of the channel at ¥107.80.


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