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EUR/USD, GBP/USD and USD/JPY all go into retreat

FX markets have been hit by risk aversion, with EUR/USD under particular pressure following fresh weakness in eurozone PMIs.

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Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD hit by weaker PMIs

Purchasing managers index (PMI) figures from the eurozone have sent EUR/USD tumbling, with the rally towards $1.107 from mid-September looking like a lower high.

Weakness throughout the month so far found buyers around $1.093, so we may see some support around here, while further declines head towards $1.085. The bearish view remains in pace unless we see a move above $1.112.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD creates lower high

After an impressive bounce over the past four weeks, GBP/USD may be headed lower.

Weakness last week found support around $1.24, so a move through this area is needed to confirm the bearish view, but with daily stochastics rolling over momentum appears to be shifting towards the bears. A move back above $1.25 is needed to reverse this impression.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

USD/JPY rolls over

The dollar has slipped further this morning, continuing USD/JPY's broadly bearish theme of the past few days.

As with GBP/USD, daily stochastics have rolled over, and moving average convergence/divergence (MACD) may follow it, confirming the bearish view. Rallies towards ¥108.00 may provide intraday selling opportunities, but the bearish view remains in place unless the price close above ¥108.10.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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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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