FX levels to watch: EUR/USD, GBP/USD and USD/JPY
EUR/USD and GBP/USD seem poised for further falls after a small recovery, while USD/JPY is attempting to hold Friday’s lows and begin a fresh move higher.
EUR/USD likely to extend declines
Having been rudely knocked back into the descending channel, EUR/USD has seen some buying, but the limited bounce may set the pair up for a selling opportunity, with a renewed push lower below $1.127 targeting $1.118.
A recovery above $1.135 would provide a more bullish view.
GBP/USD quiet ahead of busy week
It promises to be another volatile week for GBP/USD, but sterling is doing its best to rally in early trading against the dollar.
However, it needs to break through to $1.325 to clear the trendline from the 13 March highs. Fresh declines would push towards the key rising trendline support from the January low, around $1.31.
USD/JPY looks to create higher low
USD/JPY suffered a heavy blow last week, but has managed to steady itself around ¥110.00.
If it can bottom out around here then a higher low will have been created, with a move above the 50-day simple moving average (SMA) at ¥110.42 providing a further reinforcement to the bullish view. Below ¥109.57 the price will head towards ¥108.52.
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.