FX levels to watch – EUR/USD, GBP/USD, USD/JPY

The euro has recovered $1.20, but most markets are now waiting to see what the Fed meeting will bring.

Source: Bloomberg

EUR/USD pushing towards new highs

EUR/USD has moved back to $1.20, and could well push on to challenge the $1.21 peak from earlier in the month.

Inability to push higher from here still risks a drop back to $1.1850. However, given the strength of the trend it looks like a push to fresh highs is likely. 

GBP/USD finding buyers after consolidation

GBP/USD looks to be consolidating before a fresh push higher, having found buyers around $1.3450.

A bigger retracement towards $1.3360 could see fresh buyers emerge. A move above $1.3670 would then clear the way to test $1.3836.

USD/JPY downtrend to continue

Having steadily rallied over the past two weeks, USD/JPY has stalled at ¥111.70. A turn lower from here would indicate that the broader downtrend from the highs of last December has resumed.

Short-term support is possible around the ¥109.50 area, while a break above ¥111.70 would then head towards the 200-day simple moving average (SMA) at ¥112.20. Above here the July highs at ¥114.37 come into play. 

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. See full non-independent research disclaimer and quarterly summary.

CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen. 79% van de retailbeleggers lijdt verlies op de handel in CFD’s met deze aanbieder.
Het is belangrijk dat u goed begrijpt hoe CFD's werken en dat u nagaat of u zich het hoge risico op verlies kunt permitteren.
CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen.