EUR/USD falters as GBP/USD and USD/JPY move higher
EUR/USD is still struggling while the pound is making headway against the dollar and the greenback gains versus the yen.
EUR/USD under pressure again
A small bounce seemed to offer hope of a recovery with EUR/USD, but the pair is under pressure once again, and the loss of $1.16 could signal that a new move lower is underway.
This would suggest a renewed drop that now targets $1.14, last seen in July last year. A lower high with stochastics at such a low ebb points towards strong downside momentum, leaving buyers unable to hold their ground.
GBP/USD buyers still in control
The powerful rebound seems set to continue here with GBP/USD, despite some hesitancy in early trading today.
The buyers appear to be firmly in charge, and now the pair targets $1.366 and then $1.37, but a test of trendline resistance at $1.36 is the first challenge. If this can be broken then we look for additional upside, while sellers will aim for a reversal that brings last week’s lows towards $1.34 back into play.
USD/JPY edges back after gains
After pulling back to support the price of USD/JPY has stabilised, and now looks for a resumption of the move higher, returning to ¥112.00.
A continued hold above ¥111.00 leaves the buyers firmly in charge, while sellers will aim for a move back below this and then below ¥110.50.
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
Live prices on most popular markets
- Forex
- Shares
- Indices
