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EUR/USD finds support while GBP/USD and USD/JPY edge lower

The euro is strengthening versus the dollar, while sterling is struggling to push higher.

EUR/USD holds above $1.084

EUR/USD seems to have found a floor above $1.084 for the time being, dips to this level and below over the past 24 hours finding buyers. Having retreated from Tuesday’s highs, the price may now be poised to move higher, heading towards $1.092, and then on to $1.097 and then on to $1.114.

A more bearish view would require a drop below $1.084, which would being the lows from earlier in the week into play, around $1.077.

GBP/USD stopped below $1.247

There has been little movement for GBP/USD over the past two weeks, with the pair unable to push on through $1.247.

An alternative view requires a drop below $1.23, which would bring $1.22 into view, and mark a break to the downside from the current trading range.

USD/JPY sees upward momentum stall

Gains here have stalled below ¥109.00 for USD/JPY, and with momentum fading a move back below ¥108.50 might begin to suggest a more bearish view that heads towards ¥107.00.

Above ¥109.50 a more bullish view emerges, targeting ¥110.30 and ¥111.50.

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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