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EUR/USD moves sideways as GBP/USD and USD/JPY rally

EUR/USD remains stuck in a range, but GBP/USD and USD/JPY have moved higher and look poised for more gains.

EUR/USD bounces between support and resistance

While the EUR/USD price rallied yesterday, it was not able to hold gains, and dropped back from $1.094.

Overnight losses have stalled at $1.086 however, so a more bullish view may emerge if the price can continue to hold this and then push above $1.094. A drop below $1.086 will revive the bearish view and bring $1.0775 into play.

GBP/USD continues to move higher

GBP/USD has weathered the losses of the past 24 hours, with dips towards $1.243 finding support.

In the very short term, we look for a move through $1.253, which will break trendline resistance from Tuesday's highs. This might then clear the way for a push back towards $1.265. A more bearish view requires a drop through $1.245, with further lower highs reinforcing the expectation of more declines.

USD/JPY rallies off key support

USD/JPY has recovered from its steep drop in the early part of yesterday’s session, and indeed has managed to keep moving higher, reclaiming (if briefly) the ¥108.00 level.

If the price can hold above ¥107.30 then the outlook remains more bullish in the near term, and a move above ¥108.00 would provide further expectation of more gains. Having seen the pair hold ¥107.00 at the end of March and now this week, a more bearish view over the next few weeks requires a firm move below this level.

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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