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 rebound for now

The euro is staging a recovery against the dollar, while USD/JPY has recovered from an overnight low.

EUR/USD stages rebound

Traders will watch anxiously to see if the EUR/USD bounce has further to go, or if it is poised to create a lower high.

Yesterday saw the pair retreat from the 50-hour simple moving average (SMA), but the price has pushed through this and is now testing the 100-hour SMA at $1.08602. A reversal back below here may create a lower high, and potentially a selling opportunity. Alternatively, further gains target $1.097, and then on to $1.105.

GBP/USD heads back to $1.24

The GBP/USD price has been able to rally off the lows as it pushes back up towards $1.24.

However, while it has moved higher, it has yet to take out the highs from the last two weeks around $1.25. Until this happens, the price is at risk of a turn lower. Above $1.25 the next target is $1.2635, while a fresh decline heads towards $1.22.

USD/JPY rallies off higher low

Gains continue in USD/JPY, as the price drops back to ¥108.80, and begins to create a higher low.

Further gains head towards ¥1.0930, and then on towards ¥110.00. Alternatively, a bearish view requires a drop back below ¥108.00.

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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