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

Thanksgiving in the US means we are in for a quiet day across FX markets.

Source: Bloomberg

EUR/USD uptrend intact for now

The price for EUR/USD has recovered from the steep losses seen on Tuesday, leaving the uptrend from the November lows intact.

Further gains above $1.1420 would target $1.1460, and then on to $1.1554. A move back below $1.1360 would invalidate the bullish view and give the sellers the upper hand.

GBP/USD hovers above support

The price of GBP/USD has been pushed back to support at $1.2773 but is holding for now.

Further declines would target $1.2720, the low from last Thursday, while a bounce would have to clear $1.2870 and then break trendline resistance from the November high at $1.3160 to suggest the buyers are back in control.

USD/JPY falters after bounce

The price for USD/JPY has rallied but with the US out of the equation for the day further gains may not be forthcoming.

If dip buyers can come in and create a higher low above this week’s low around ¥112.30 then a new trend may develop. Above ¥113.20 the price targets ¥113.60 and then ¥114.20.

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 IG 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.

Find articles by writer

Find out more about