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

The dollar is still in the ascendancy, with EUR/USD under pressure and sellers driving down cable ahead of the BoE.

EUR/USD heading towards key support

EUR/USD continues to fall, with a relentless move lower over the past four days.

The price is now below the 50-day simple moving average (SMA), and further declines target the $1.13 level, previously support in late January. Aside from the mid-November spike lower. This has held as strong support since late October. The bearish view persists unless we see a move back above $1.144.

GBP/USD under pressure ahead of BoE

The downward move for GBP/USD continues here, as the attempt at a bounce yesterday fizzled just above $1.295.

Any short-term bounce that fails to clear $1.295 remains another selling opportunity.

USD/JPY looking to break higher

Attempts to break above ¥110.00 have been fruitless so far for USD/JPY, but rising trendline support from the 31 January lows means we have an ascending triangle pattern in play.

A break higher targets ¥111.36, while a bearish view targeting ¥108.60 would require a break below ¥109.70.

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

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.