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. CFDs are complex instruments. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

EUR/USD, GBP/USD and USD/JPY expecting further dollar strength

Dollar strength looks likely to take hold yet again for EUR/USD, GBP/USD, and USD/JPY.

EUR/USD turning lower from key resistance

EUR/USD has managed to rise back into the $1.1754 resistance level, which represents both the prior support levels from August and September, alongside yesterday's peak.

The topping pattern seen over the course of recent weeks looks to have set us on a more bearish course, and thus we are likely to see further losses take shape before long. As such, a bearish outlook is in play here, with a rise through the $1.1872 level required to negate that view.

GBP/USD rallies back into 76.4% Fibonacci level

GBP/USD has rallied back into the 76.4% Fibonacci retracement level this morning, following on from yesterday's decline from that same level.

With the pair weakening once again, the downtrend looks likely to kick in once again. A break back below yesterday's low of $1.2805 would bring greater confidence of a move back towards the $1.2673 low. Ultimately we would need to see $1.3007 broken to negate this bearish outlook.

USD/JPY turning higher after recent pullback

USD/JPY is once again turning higher, with the recent uptrend looking set to continue.

With a wider bearish trend likely to come back into play at some point, the 76.4% Fibonacci resistance level at ¥105.95 will be a notable level of resistance that could cap further gains. However, we ultimately need to see the intraday trend of higher lows negated to bring a bearish outlook once more. That means a bullish view holds unless price drops below the ¥105.26 level.

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