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

The euro is under pressure again, while sterling’s bounce has run out of steam. 

EUR/USD creates new lower high

The downtrend for EUR/USD reasserted itself yesterday, creating a new lower high at $1.24.

Further declines brought $1.2280 into view, and then if this goes we look to the March low at $1.2165. A move above $1.24 brings the $1.2450 level into play and then $1.2550.

GBP/USD drifts after breaking trendline

GBP/USD has floated sideways since it broke above the descending trendline from the January high.

A retest of the trendline from above may see the $1.3890 level tested, with a drop back below $1.3880 reigniting the downward move.

USD/JPY finds support

While USD/JPY faltered at ¥107.32 earlier in the week, it has found support around ¥106.00, potentially creating a higher low.

Further losses would bring ¥105.50 into view. A move above ¥107.32 would suggest a test of the ¥108.00 level is on the cards.

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. 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. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.