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EUR/USD tries to rally, as GBP/USD retracement stalls, while weakness in USD/JPY continues

While the euro attempts to recover against the dollar, sterling is holding support, but the dollar is in retreat again against the yen.

EUR/USD attempts to clear $1.19 again

EUR/USD continues to knock on the door of $1.19, reaching this level several times in recent sessions but unable to break higher. This stalling of momentum could mean that a reversal is near, but this will need a trigger such as a drop back below $1.185.

Further gains target $1.1986, with a recovery of the latter putting the price back above the 50-day simple moving average (SMA) at $1.1963, another positive development.

GBP/USD holds $1.366

GBP/USD once again had a price dip to $1.366 but then recovered, as it did in late March. A continued rebound would put $1.39 back into view, and then $1.40.

For now price action continues to support a consolidation before further gains; a move back below $1.36 is needed to put a bigger dent in the ongoing bullish thesis.

USD/JPY continues to fall

USD/JPY price continues its decline, and a small bounce earlier today has met with fresh selling.

This looks set to put ¥108.30 into view. The overall uptrend is still firmly in place, but for the moment a continued retracement seems likely.

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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