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 fights to hold ground, while GBP/USD pushes up and USD/JPY tests key moving average

The euro has faltered against the dollar, while the dollar is attempting to maintain its strong run against the yen.

EUR/USD struggles around $1.11

EUR/USD's bounce above $1.115 didn’t last long, with the price moving back below the 100-day simple moving average (SMA) of $1.1128. However, if the pair can hold above $1.107, the low from Friday, then a possible higher low is in place.

A move back below this could negate this more bullish view, and would suggest a resumption of the longer-term downtrend. A rally back through $1.113 would indicate that another challenge of the October high was in the offing.

GBP/USD looks to push above $1.28

GBP/USD's resumption of the move higher may be at hand, as the price moves back above $1.28.

If this continues to hold then a push to $1.30 may develop. Having held above the 200-day SMA, it looks like further gains are in order, targeting $1.34 and then $1.32.

USD/JPY stuck below 200-day SMA

A close above ¥109.00 continues to elude the price of USD/JPY, which remains constrained by this level and by the 200-day SMA (¥109.04).

Further gains above this would provide a more bullish view, and target ¥109.55 and then ¥110.35. A reversal below ¥108.00 revives the bearish view.


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