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EUR/USD steady, while GBP/USD firms and USD/JPY continues to gain

ECB day promises to be volatile for EUR/USD, while the dollar continues to gain against the yen.

EUR/USD mixed ahead of ECB

The downward move continues for EUR/USD, and with the pair now firmly knocked back from the $1.1050 highs of earlier in the week, it looks like a drop to last week’s low of $1.0920 is now in store. Further declines head towards $1.0850.

Intraday, the price is edging higher, but a move back below $1.10 would signal that a lower high has been created and that further declines are likely.

GBP/USD stuck in a tight range

GBP/USD gains have been impossible to sustain, with pushes above $1.2365 hitting resistance. Movement to the downside has been limited too, with a dip to $1.23 finding support.

A break of this tight range is needed to provide firmer direction in the near-term.

USD/JPY pushes higher in near-term rally

The USD/JPY rally continues, although it is still in a broader downtrend over the past few months.

Yen bulls will be watching for a move back below ¥107.60 that might indicate that a top is in, while dollar bulls are looking for a continuation of gains that would carry the pair back above ¥109.00 and help to put a bigger dent in the losses experienced since April.

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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