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EUR/USD, GBP/USD and USD/JPY all topping out?

We could be at key turning points for major currencies as EUR/USD, GBP/USD and USD/JPY begin to see recent bullish momentum fade.

EUR/USD stalls below $1.11

EUR/USD is still very much in a downtrend. Now that the shock of the European Central Bank (ECB) move has worn off, the euro must contend with the Federal reserve (Fed) meeting this week.

The pair’s failure to maintain upward momentum beyond $1.11 would signal a potential bearish development. This would then bring $1.095 into play. A move above $1.11 heads towards $1.115.

GBP/USD consolidates after Friday surge

GBP/USD has continued to climb here, surging on Friday to its highest level since late July.

So far there is no sign of the rally reversing, but it is still a broader counter-trend move in the fall that has been in place since February. A reversal below $1.235 would be a bearish development and result in a possible move back towards $1.20. Above the 100-day simple moving average (SMA), the price heads towards $1.263.

USD/JPY drops back below 100-day SMA

USD/JPY’s drop from Friday’s peak just above the 100-day SMA will have some expecting a reversal, with the downtrend of the past few months potentially reasserting itself.

It has been an impressive counter-trend move here, but a move back below ¥107.50 could confirm that a lower high is in place. This could then see the price head back towards ¥105.00. Above ¥108.00, the price heads back to the 200-day SMA at ¥109.40.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. 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. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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