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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 and GBP/USD recoveries falter

The euro and sterling are moving lower again against the dollar after an overnight bounce, but USD/JPY is edging higher.

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EUR/USD heads lower

Yesterday’s sharp drop has carried EUR/USD back towards the recent support zone just above $1.17.

A small overnight bounce has hit resistance at $1.177, and further losses now target a move below $1.17 to break through this zone of support. A more bullish view requires a move back above $1.18 that then targets $1.187.

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

GBP/USD rebound falters

In common with other risk markets, the GBP/USD has attempted to rally overnight but has then fallen back towards yesterday’s lows.

For cable this area around $1.277 would mark a key level, as a move below here opens the way to move downside, towards $1.263 and down to $1.259.

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

USD/JPY stages recovery

USD/JPY moved higher from yesterday afternoon, and unlike other assets has not reversed lower so far this morning.

If the price moves back above ¥104.90 then a more guardedly bullish view begins to emerge. A fresh move lower targets ¥104.00 and the lows from Monday’s session.

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

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