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.
IGA, may distribute information/research produced by its respective foreign affiliates 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.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. 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, and 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.
Please see important Research Disclaimer.
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
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.