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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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. 70% 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.

FX levels to watch: EUR/USD, GBP/USD and USD/JPY

EUR/USD is at a crucial point, having reached the top of the downward channel. Meanwhile, USD/JPY continues to rally.

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EUR/USD hits top of the channel

Euro bulls need to be careful, as EUR/USD has hit the top end of the descending channel that has prevailed since the beginning of the year.

A turn lower from here targets $1.1125. A close above $1.136 would suggest that the channel has been broken.

EUR/USD chart
EUR/USD chart

GBP/USD holds its ground

A crucial week for the pound could see some retracement of GBP/USD’s last week late gains.

The pair bounced off support at $1.3204, so if this holds a foundation for further gains could be in place. A close below this targets $1.304.

GBP/USD chart
GBP/USD chart

USD/JPY still on the up

USD/JPY continues to adhere to the rising trendline from the beginning of January.

It has given back some of the gains from the latter half of last week, but a push above ¥111.99 would mark a strong breakout and bring ¥113.63 into play.

USD/JPY chart
USD/JPY chart

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