CFDs are complex instruments. 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. 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, GBP/USD and USD/JPY all moving higher in early trading

Forex markets have seen an increase in risk appetite, with funds moving from safe haven currencies.

EUR/USD rebounds after Monday’s fall

Losses yesterday stabilised the EUR/USD price at the 100-day simple moving average (SMA) at $1.1137, with a dip towards $1.1115 finding buyers.

If this continues to hold then a push back to $1.1175 and the recent double-top seems possible, but a breakout is needed to establish a broader move higher. A failure to hold gains today would bring the $1.18 lows of last week into play.

GBP/USD gearing up for break higher

Rising trendline support from the 24 October low and a turn higher for both hourly stochastics and moving average convergence/divergence (MACD) suggest GBP/USD is poised to push higher after retreating over the past two sessions.

A fresh move higher targets $1.2972 and then $1.3014, with both being near-term levels to watch. Below $1.287 the pair would test $1.28, with lower highs marking fresh selling opportunities.

USD/JPY targets ¥109.00 again

USD/JPY has rebounded from the low seen last week, but now it needs to push on above ¥109.00 to avoid the impression that this level remains unbreakable. A daily close above this level provides the pair with a further bullish dimension, opening the way to ¥109.55 and ¥110.35.

A close below ¥108.00 would break rising trendline support from the August low and suggest a more bearish view is back in play.


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