FX levels to watch: EUR/USD, GBP/USD and USD/JPY
A dire German PMI reading has sent EUR/USD flying, but to the downside, while USD/JPY remains under pressure following the Fed meeting.
EUR/USD sunk by PMI figures
The poor German manufacturing purchasing managers index (PMI) has been felt here, with EUR/USD dropping like a stone for a second day.
If it closes back inside the descending channel then the bearish view has undergone a remarkable revival, with a push towards the lower bound of the channel below $1.12 expected.
GBP/USD hit by selling
GBP/USD continues to press towards rising trendline support, but the downward trend of the past few days is intact.
Sellers have come in at $1.314 to push the price back down, and further declines towards $1.30 seem likely.
USD/JPY still under pressure
Having fallen below rising trendline support, USD/JPY has come under fresh pressure.
The price is funding some support above the 50-day simple moving average (SMA) at ¥110.40, but below this ¥109.55 is possible support. A rebound targets ¥111.40.
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.
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.
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.