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EUR/USD hits resistance as GBP/USD climbs and USD/JPY turns lower

The euro is facing resistance in its rise against the dollar, while small gains continue for GBP/USD.

EUR/USD faced with clear resistance

If the bounce of the past few sessions is to continue, then the EUR/USD price needs to clear $1.096.

The price has stalled below this level for several sessions, with a bounce from the Monday lows so far running out of steam below this level. Confirmation of a more bearish view could come with a drop below $1.09, bringing $1.084 and $1.076 into view. Above $1.096, the price targets $1.104.

GBP/USD tiptoes upwards

It has been a rally of small but frequent gains over the past two weeks, but GBP/USD continues to climb.

Having cleared $1.248, the price may now push on towards $1.274. Dips along the way could be possible buying opportunities, but a reversal below $1.23 would negate this more bullish view.

USD/JPY headed for move lower

A small overnight bounce in the USD/JPY price has failed to put much of a dent in the downward move of the past two weeks.

Indeed, a fresh decline below ¥107.50 would probably bring about a test of ¥107.00, and if this is broken then ¥103.30 and ¥101.60 come into view.

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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