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Dollar weakness brings strong EUR/USD and GBP/USD, while USD/JPY rises from trendline

EUR/USD and GBP/USD rise back towards major resistance, while USD/JPY starts to turn higher from trendline support.

​EUR/USD rallies into key resistance

EUR/USD has continued its rise, with the price running into the $1.2243 resistance level established back in late February.

With the pair coming off the back of a strong surge, this resistance level could bring a pullback for EUR/USD. As such, today's sentiment will largely be directed by the reaction to this resistance level.

GBP/USD pauses after latest rise

GBP/USD has also been on the rise, with the dollar having suffered from a fresh bout of selling across the board.

The uptrend seen over the course of the past month does point towards further upside to come, although the fall below 80 on the stochastic does highlight a potential pullback. To the upside, the $1.4241 level provides a major hurdle to overcome.

USD/JPY retracement could be over, with bulls coming back into play

USD/JPY has been on the back foot over the course of the past week, with the pair retracing the gains seen a week ago.

However, with a wider bullish trend in place, there is a good chance we will see strength following this decline into trendline support. As such, watch for a potential push higher from here. A break below the ¥108.35 level would be required to negate this wider trend of higher lows.

This information has been prepared by IG, a trading name of IG US LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. Any research provided should be considered as promotional and was prepared in accordance with CFTC 1.71 and designed to promote the independence of investment research. See our Summary Conflicts Policy, available on our website.

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