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.

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

A small rebound in USD/JPY might suggest a near-term low is at hand, but the sellers continue to push GBP/USD lower.

EUR/USD stalls after breakout

EUR/USD has pushed through trendline resistance, although gains above $1.125 and the 50-day simple moving average (SMA) have proven hard to sustain.

Dips towards $1.122 have found buyers, while a push back towards $1.12 may encounter support at the previously broken trendline. Further gains above $1.126 are needed to revive the bullish view.

GBP/USD still declining

Losses have continued apace for GBP/USD, with rallies towards $1.304 over the past three sessions providing strong selling opportunities.

Further declines target $1.286, and then on to $1.2773. A more bullish view requires a push back above $1.304.

USD/JPY stabilises for now

The retreat in risk assets has been felt in USD/JPY too, but the price is stabilising for the time being above ¥109.

However, as yet the price is still to break though yesterday’s lower highs at ¥110. A failure to push on above ¥110 would create another possible selling opportunity.

This information has been prepared by IG, a trading name of IG Markets 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.

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