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EUR/USD and GBP/USD both climb as USD/JPY drops again

Dollar weakness continues to dominate major forex pairs, pushing up the euro and sterling.

EUR/USD find strength to keep moving higher

EUR/USD is back at the 50-day simple moving average (SMA) at $1.0778, although a break above the highs of the previous two days still eludes it.

Nonetheless, the dip towards $1.16 yesterday found buyers, confirming the bullish outlook from Monday and Tuesday. Further gains head towards $1.19, supported by rising stochastics and likely to be bolstered by a bullish moving average convergence/divergence (MACD) crossover.

GBP/USD resumes upward move

Despite being knocked back below $1.31 yesterday, the GBP/USD price has managed to continue to move higher, leaving the uptrend intact.

As long as the currency pair's price holds above the $1.29 level, this bullish view will remain intact.

USD/JPY continues to fall after reversal

For USD/JPY, yesterday’s rally ran into a wall of selling, although a firm move below ¥104.00 still eludes the sellers.

For now some consolidation seems likely, although the firm rebuff of the bounce on Wednesday would suggest that the path of least resistance is lower.

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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