Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

EUR/USD, GBP/USD and USD/JPY gain ground, yet questions remain

EUR/USD, GBP/USD and USD/JPY continue to move higher, although recent intraday gains could falter given key resistance up ahead.

​EUR/USD rallies into Fibonacci resistance

EUR/USD has managed to rebound into the 61.8% Fibonacci level this week, with the price currently caught between trendline support and Fibonacci resistance. The wider trend does show the potential for another bearish turn before long, although a break below $1.1571 would bring greater confidence of that bearish turnaround.

To the upside, resistance comes in the form of $1.1667 and $1.1701, although a push through $1.1755 would ultimately be required to negate this recent downtrend.

GBP/USD recovery continues with key resistance up ahead

GBP/USD has been regaining lost ground of late, with the pair rising into a fresh one-month high yesterday. From an intraday perspective, we have a clear uptrend playing out since the late-September lows. However, with a wider trend of lower highs, a break through $1.3913 would ultimately need to come back into play.

Nonetheless, it makes sense to expect further upside until we see the price break out of this intraday trend. Thus a decline through $1.3709 would be required to bring the bears back into prominence for this pair.

USD/JPY back at major resistance level

USD/JPY has managed to rise back into the crucial ¥114.74 resistance level, which represents the peaks established back in November 2017 and October 2018. A break up through this level brings expectations of further gains for this pair.

With a clear intraday uptrend in play, a break below the ¥113.88 level would be required to signal a potential move away from resistance.

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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