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Falls in EUR/USD and GBP/USD stemmed for now, while USD/JPY bounce stalls

A dollar resurgence has hit EUR/USD and GBP/USD, while USD/JPY has paused for breath after a bounce from the lows of the week.

EUR/USD edges higher after Wednesday’s losses

The EUR/USD pair fell back sharply yesterday, finding support around $1.183.

A rally back towards $1.196 could be in play if the pair can continue to hold the overnight lows, while a more bearish view develops if the price drops below $1.182. This would bring $1.178 and then $1.172 into view.

GBP/USD suffers rapid fall

The pound fell back from its recent high against the dollar, finding a low for GBP/USD for the time being around $1.307.

A rebound towards $1.325 could develop if the pair can hold these levels, while altivernately a more bearish view requires a push below $1.297.

USD/JPY bounce stalls

A surge from the lows of the week has run into some resistance around ¥106.10 for USD/JPY.

However, after the impressive bounce from ¥105.00 some consolidation or a modest retracement looks necessary. We look for a possible higher low in the coming sessions, while further gains target ¥106.70 and then ¥107.00.

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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