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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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. 70% 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.

FX levels to watch – EUR/USD, GBP/USD, USD/JPY

Currencies continue to see relative quiet when compared to indices, but both the euro and sterling are in strong form.

EUR/USD
Source: Bloomberg

EUR/USD powers higher

So far this morning EUR/USD has managed to hold above the descending trendline from the February highs, having broken back above it last week.

Some selling pressure around $1.2388 is holding back further progress, but from here $1.2411 and then $1.2445 come into view. A drop below $1.2350 would suggest that the sellers are back in control.

EUR/USD price chart

GBP/USD looks for more gains

There was little stopping GBP/USD last week, and the price looks set to continue its ascent.

Thursday’s high at $1.4220 is the next target before the January peak at $1.4345. Dips towards $1.40 should continue to find buyers.

GBP/USD price chart

USD/JPY aims for a rebound

The downtrend reasserted itself last week, as USD/JPY turned lower from ¥106.50.

Any rebound that fails to move back above this level will likely be another selling opportunity. Previous support from ¥105.24–¥105.60 will now be resistance.

USD/JPY price chart

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