Skip to content

We want to clarify that IG International does not have an official Line account at this time. We have not established any official presence on Line messaging platform. Therefore, any accounts claiming to represent IG International on Line are unauthorized and should be considered as fake.
CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.
CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

EUR/USD, EUR/GBP and USD/JPY lower on Ukraine tensions

EUR/USD, EUR/GBP and USD/JPY slip towards support on threat of Russian invasion of Ukraine.

EUR/USD dips to 55-day simple moving average on threat of war in Ukraine

Last week’s EUR/USD three-month spike high at $1.1495 has been swiftly followed by a slide back to the 55-day simple moving average (SMA) at $1.1333, taking the currency pair back towards the middle of its December sideways trading range.

EUR/USD is likely to tumble further towards the early January low at $1.1272 amid rising tensions in Ukraine. Further potential support sits at the $1.1122 mid-February low.

Minor resistance can be found between the late-November and December highs at $1.1382 to $1.1386.

EUR/USD chart Source: IT-Finance.com
EUR/USD chart Source: IT-Finance.com

EUR/GBP tumbled to 61.8% Fibonacci retracement

Friday’s EUR/GBP slip through the 55-day SMA at £0.8421 swiftly took it all the way to the 61.8% Fibonacci retracement of the February rally to £0.836 which offered support.

If this level were to be slipped through, the early-January low at £0.8335 would be eyed next, together with the mid-January low at £0.8324. Key support sits slightly further down between the January and early-February lows at £0.8305 to £0.8286.

Resistance is to be seen between the January high and 55-day SMA at £0.8421 to £0.8422.

EUR/GBP chart Source: IT-Finance.com
EUR/GBP chart Source: IT-Finance.com

USD/JPY drops towards two-month support line at ¥114.95

Last week’s USD/JPY rejection by its January high at ¥116.35 has been accompanied by a Bearish Engulfing pattern on the daily candlestick chart which could lead to the two-month support line at ¥114.95 soon being reached.

If slipped through, the 55-day SMA at ¥114.51 would be next in line, together with the early February low at ¥114.16. Further minor support is seen at the 8 December high at ¥113.96 and major support between the mid-to-late January lows at ¥113.48 to ¥113.47.

Significant resistance sits between the January and current February highs at ¥116.33 to ¥116.35.

USD/JPY chart Source: IT-Finance.com
USD/JPY chart Source: IT-Finance.com

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Start trading forex today

Trade the largest and most volatile financial market in the world.

  • Spreads start at just 0.6 points on EUR/USD
  • Analyse market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

Find out more

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

You might be interested in…

<h3>How much does trading cost?</h3>
<h3>Find out about IG</h3>
<h3>Plan your trading</h3>

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.