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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 comes under pressure as GBP/USD and USD/JPY recover

The euro has failed to make much headway against the dollar, but both sterling and yen have advanced over the past two sessions.

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EUR/USD stuck below resistance

While EUR/USD has managed to stop the downward move of last week, it has been unable to break through the $1.185 zone of resistance.

However, with a higher low yesterday there is still scope for a break higher, which would in due course target $1.196. A reversal below $1.178 would negate this view and open the way to $1.171.

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

GBP/USD targets $1.325

Here the GBP/USD has managed to rally throughout the week, putting it on course to target the $1.325 zone that marked the highs last week.

This impressive recovery revives the more bullish view, although a break out above last week’s highs is still needed to cement this view. For now bears seem to be out of luck, unless we see a reversal that wipes out the gains of the week so far and then breaches $1.305 to the downside.

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

USD/JPY remains in rising channel

The USD/JPY price continues to adhere to a rising channel, having completed a retracement from the highs seen on Tuesday.

A continued rebound raises the prospect of a move back towards ¥106.60, and then to ¥106.80, and the upper bound of the channel. A drop below ¥105.70 would potentially mark the end of this bullish view and open the way to further downside.

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

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