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.

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

The euro and sterling have faltered after several days of gains, while USD/JPY is still unable to hold above ¥107.00. 

EUR/USD runs into resistance

EUR/USD has stalled around $1.2370, finding it hard to push higher.

Further gains continue to target $1.25, while a drop back may find support at the 50-day simple moving average (SMA) at $1.2333, and the $1.2323 level. Short-term support has been seen at $1.2350, so if this holds then we can expect more gains.

GBP/USD aims to resume march higher

Yesterday saw GBP/USD knocked back from $1.4220, so this will be the level to watch today, to see if the price can move on to $1.4345.

Having held the 50-day SMA ($1.3990) so strongly at the end of last week, the pair retains its bullish outlook unless we close below this indicator.

USD/JPY stuck below ¥107.00

The continued failure to break above ¥107.30 calls into question the ability of USD/JPY to keep rallying.

If momentum falters now, then ¥105.25 and then ¥104.63 come into view. We need a close above ¥107.50 to suggest a break higher is on the cards.

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.

Find articles by writer