Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose.

EUR/USD, GBP/USD and NZD/USD weaken from Fibonacci resistance

EUR/USD, GBP/USD and NZD/USD turn lower after posting a deep 76.4% Fibonacci retracement.

​EUR/USD turning lower from latest retracement

EUR/USD has managed to post yet another 76.4% Fibonacci retracement, with the pair heading lower once again. This highlights how the trend seen over the course of the past two months remains worth following.

While the trend is very shallow in nature, that does bring a higher likeliness of a deep retracement. As such, a bearish outlook holds from here, with a push up through the prior swing-high of $1.183 required to negate that downside bias.

GBP/USD turning lower after 76.4% retracement

GBP/USD has started to lose ground in early trade today, following the rally into the 76.4% Fibonacci resistance level at $1.383.

With a wider bearish trend playing out over recent months, there is a good chance we see further downside from here. A rise up through the $1.391 level would be required to negate that outlook.

NZD/USD slumps after deep pullback

NZD/USD has similarly turned lower after a 76.4% Fibonacci retracement yesterday.

The wider downtrend points towards such a move coming into play, with a rise through $0.7045 required to negate that bearish outlook. Until then, further weakness looks likely from here.

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.

Start trading forex today

Trade the largest and most volatile financial market in the world.

  • Spreads start at just 0.8 pips on EUR/USD
  • Analyze market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

Live prices on the most popular forex markets

liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading forex provider.

Stay on top of upcoming market-moving events with our customisable economic calendar.