EUR/USD slides, while GBP/USD rebounds and USD/JPY falls back

The euro shows no sign of slowing its decline against the dollar, while USD/JPY may be creating a lower high.

EUR/USD shows no sign of stopping

The downward move continues for the EUR/USD pair and while the price is rebounding off yesterday’s low, the bears will be waiting for another lower high to be created.

Anything below $1.10 will be just such a lower high; with the price below the late 2019 low, the next target is $1.053, last seen in April 2017.

GBP/USD continues to rebound

GBP/USD does appear to have found a low for the time being, having rallied off $1.2875.

Yesterday’s gains stalled at $1.299, so a move above here would create a new higher high on the hourly chart and boost the bullish view. A turn back below $1.295 points towards renewed bearish momentum, targeting $1.29 and $1.2875.

USD/JPY drops back from highs

The USD/JPY price has edged back from yesterday’s highs, and a turn below ¥109.50 would likely mark a near-term top, leaving long-term trendline resistance intact.

This would then bring ¥108.40 and ¥107.70 into play. A revival targets ¥110.00, while a move through ¥110.35 could be a bullish breakout from long-term 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.

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

See an FX opportunity?

Don’t miss your chance. Try a risk-free trade in your demo account, and find out whether your hunch could have paid off.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance. Upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform, when it matters

See an FX opportunity?

Don’t miss your chance. Log in to take advantage while conditions prevail.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Sell
Buy
-
-
-
-
-
-
-
-
-
-
Sell
Buy
Sell
Buy
-
-
China 300
-
-

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.


For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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.