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EUR/USD hits resistance as GBP/USD climbs and USD/JPY turns lower

The euro is facing resistance in its rise against the dollar, while small gains continue for GBP/USD.

EUR/USD faced with clear resistance

If the bounce of the past few sessions is to continue, then the EUR/USD price needs to clear $1.096.

The price has stalled below this level for several sessions, with a bounce from the Monday lows so far running out of steam below this level. Confirmation of a more bearish view could come with a drop below $1.09, bringing $1.084 and $1.076 into view. Above $1.096, the price targets $1.104.

GBP/USD tiptoes upwards

It has been a rally of small but frequent gains over the past two weeks, but GBP/USD continues to climb.

Having cleared $1.248, the price may now push on towards $1.274. Dips along the way could be possible buying opportunities, but a reversal below $1.23 would negate this more bullish view.

USD/JPY headed for move lower

A small overnight bounce in the USD/JPY price has failed to put much of a dent in the downward move of the past two weeks.

Indeed, a fresh decline below ¥107.50 would probably bring about a test of ¥107.00, and if this is broken then ¥103.30 and ¥101.60 come into view.


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.

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