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EUR/USD fights to hold ground, while GBP/USD pushes up and USD/JPY tests key moving average

The euro has faltered against the dollar, while the dollar is attempting to maintain its strong run against the yen.

EUR/USD struggles around $1.11

EUR/USD's bounce above $1.115 didn’t last long, with the price moving back below the 100-day simple moving average (SMA) of $1.1128. However, if the pair can hold above $1.107, the low from Friday, then a possible higher low is in place.

A move back below this could negate this more bullish view, and would suggest a resumption of the longer-term downtrend. A rally back through $1.113 would indicate that another challenge of the October high was in the offing.

GBP/USD looks to push above $1.28

GBP/USD's resumption of the move higher may be at hand, as the price moves back above $1.28.

If this continues to hold then a push to $1.30 may develop. Having held above the 200-day SMA, it looks like further gains are in order, targeting $1.34 and then $1.32.

USD/JPY stuck below 200-day SMA

A close above ¥109.00 continues to elude the price of USD/JPY, which remains constrained by this level and by the 200-day SMA (¥109.04).

Further gains above this would provide a more bullish view, and target ¥109.55 and then ¥110.35. A reversal below ¥108.00 revives the bearish view.

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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