Skip to content

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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. 69% 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.

EUR/USD struggles as GBP/USD and USD/JPY push higher

While the EUR/USD bounce has stalled, GBP/USD and USD/JPY continue to see further gains.

Video poster image

EUR/USD stalls below 50-day SMA

The recovery for EUR/USD has run into resistance below the 50-day simple moving average (SMA) at $1.2156, with the price showing little desire so far to push on above this level.

This dents the bullish view occasioned by the break higher out of trendline resistance, but does not entirely remove it. A rally above the 50-day and then through $1.22 would revive the bullish view, while sellers will need to drive the price back below $1.20 to provide an indication that a new move lower is underway.

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

GBP/USD hits new high

The brief pullback into early February is now a distant memory, as the GBP/USD price moves on to a new high for this current uptrend.

As noted yesterday, there is little standing in the way of further gains, with a continued move higher expected unless we see the price drop back below Friday’s low of $1.3773.

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

USD/JPY returns to 200-day SMA

After bottoming out at ¥104.50 last week and creating a higher low, USD/JPY has surged to the 200-day SMA at ¥105.56.

The uptrend from the January low is intact, and further gains are expected, targeting ¥106.10 in the first instance. A loss of ¥105.00 and then ¥104.80 would mark a more bearish development.

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

This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Start trading forex today

Trade the largest and most volatile financial market in the world.

  • Spreads start at just 0.6 points on EUR/USD
  • Analyse market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Monday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.