FX levels to watch: EUR/USD, GBP/USD and USD/JPY
A possible breakout is in play in EUR/USD, while USD/JPY bounces off support.
EUR/USD looks to push further after breakout
EUR/USD has managed to close above the top end of the descending channel, and if it can hold these gains then $1.14 comes into play.
A close back below $1.133 would put it back inside the descending channel.
GBP/USD holds above $1.32
The price of GBP/USD remains above $1.32, heading towards the bottom end of the recent trading range.
Further losses would target $1.305, while a rebound would suggest a turn back to $1.33 and the area of resistance over the past three days.
USD/JPY bounces from support
USD/JPY is trading within a triangle formation, with a bounce from ¥111.20 hitting the bottom end of the pattern.
Further gains target ¥111.80 and resistance at the top end.
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
