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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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EUR/USD, GBP/USD and EUR/JPY bounce off support

Outlook on EUR/USD, GBP/USD and EUR/JPY as they bounce off support ahead of US services PMI data and Jerome Powell speech.

USD/JPY Source: Bloomberg
Forex Japanese yen EUR/JPY Euro EUR/USD GBP/USD
Written by: Axel Rudolph | Market Analyst, London
Publication date:

EUR/USD bounces back

The $1.0724-23 December and early February lows held as support for EUR/USD which is currently recovering.

While the $1.0797 to $1.0802 late February and March lows aren't bettered, though, the downtrend remains in place. A fall through $1.0724-23 would target the $1.0695 February low.

EUR/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

GBP/USD finds support

GBP/USD recovers towards the 200-day simple moving average (SMA) at $1.2586, having levelled out slightly above key support which sits between the December-to-February lows at $1.2519 to $1.25.

Above the 200-day SMA at $1.2586 lies the early March low at $1.26.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

EUR/JPY resumes its ascent

EUR/JPY is recovering from its ¥162.68-61 mid-March high and early April low, so far to ¥163.32 with the February high at ¥163.71 representing the next upside target.

EUR/JPY chart Source: TradingView.com
EUR/JPY chart Source: TradingView.com

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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