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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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 stays bid while EUR/GBP stabilizes and USD/CNH remains under pressure

Outlook on EUR/USD, EUR/GBP and USD/CNH amid a plethora of European manufacturing and services PMIs and as China’s government aids its property sector.

USD Source: Bloomberg

EUR/USD is seen heading back up towards its four-month high

EUR/USD is once again heading back up towards the $1.0945 late August-high, having this week come off its four-month high at $1.0965 and slipped to $1.0853 on Wednesday.

Slightly weaker-than-expected French manufacturing and services purchasing managers indexes (PMIs) but better-than-expected Eurozone and German ones lifted the Euro versus the greenback in low volume trading due to the Thanksgiving holiday in the US.

A rise above $1.0945 would engage this week’s $1.0965 high, above which lie the late June-high at $1.1012 and the August $1.1065 peak. Minor support below last Tuesday’s $1.0887 high and Wednesday’s low at $1.0853 comes in around the $1.0834 July low and the 200-day simple moving average (SMA) at $1.0811.

EUR/USD chart Source: IT-Finance.com
EUR/USD chart Source: IT-Finance.com

EUR/GBP tries to level out

In the course of this week EUR/GBP has swiftly come off its six-month high at £0.8766 amid the UK’s autumn statement and slid to £0.8693 earlier today before recovering amid Eurozone and UK manufacturing and services PMIs.

The cross found support slightly above the August-to-November uptrend line at £0.8688 and the 200-day SMA at £0.8683.

A rise above Wednesday’s high at £0.8725 could push the 20 October high at £0.874 to the fore ahead of key resistance which sits between the October and current November-highs at £0.8754 to £0.8766.

EUR/GBP chart Source: IT-Finance.com
EUR/GBP chart Source: IT-Finance.com

USD/CNH weighs on support

USD/CNH’s decline from its CN¥7.3681 one-year high, amid a depreciating greenback and as China’s government once more tries to shore up its battered property sector, has taken the cross to the 200-day SMA at CN¥7.1325 which offered support throughout this week.

Were it and this week’s low at CN¥7.1286 to be slipped through, the mid-June and July lows at CN¥7.1160 to CN¥7.1041 may offer support.

Immediate downside pressure will remain dominant as long as Wednesday’s high at CN¥7.1757 isn’t bettered on a daily chart closing basis.

USD/CNH chart Source: IT-Finance.com
USD/CNH chart Source: IT-Finance.com

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