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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, GBP/USD and USD/JPY expected to be driven by dollar strength

Dollar strength back in play, with EUR/USD and GBP/USD losing ground as USD/JPY turns upwards once again.

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​EUR/USD expected to continue its decline despite overnight pop

EUR/USD has regained some ground overnight, following a decline through the $1.1529 level to bring a 14-month low.

The overnight rise has done little to bring expectations of a wider reversal for this pair, with a bearish outlook in place until the price breaks up through the likes of $1.1586 and $1.164.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD likely to roll over further after the recent 76.4% retracement

GBP/USD has been rolling over from the 76.4% Fibonacci resistance level of $1.367. The wider downtrend remains in place, although it makes sense to watch for a break below trendline and $1.3568 support to bring about a signal that this bearish trend is going to come back into place.

Ultimately we would need to see a break up through the $1.375 level to negate the bearish trend in place over recent months.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

USD/JPY turning upwards following brief retracement

USD/JPY has been on a rapid rise of late, with the pair pushing back towards yesterday’s peak of ¥113.79. The uptrend seen over the course of October thus far highlights the potential for another bout of upside from here.

A break up through that ¥113.79 level brings about a fresh bullish signal for the pair. Conversely, we would need to see a drop below ¥113.00 if we were to see a more neutral outlook for the pair. ​

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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