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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. 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 financial instruments and come with a high risk of losing money rapidly due to leverage. 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, EUR/GBP head higher ahead of Thursday’s ECB meeting while USD/JPY rises​​​

​​​EUR/USD, EUR/GBP head higher ahead of Thursday’s anticipated 25 bps ECB rate cut while USD/JPY rises.​​

EUR Source: Getty Images

​​​EUR/USD is heading back up again

​Last week EUR/USD once more bounced off its breached March-to-May downtrend line which, because of inverse polarity, acted as support, together with the 200-day simple moving average (SMA) at $1.0787. While this low underpins, the medium-term uptrend remains intact.

​​Key resistance to overcome are the $1.0882 to $1.0895 April and May highs.

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

​EUR/GBP tried to bounce off key support

EUR/GBP bounced off the major £0.8503-to-£0.8493 support zone last week, having on Wednesday briefly dipped to $0.8484, but faltered at £0.854. If overcome, the 55-day SMA at £0.8558 would be in sight.

​Were a daily chart close below £0.8484 to be seen, though, the July and August 2022 lows at £0.8409-04 would be targeted instead.

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

​USD/JPY's advance resumes

USD/JPY is once again gunning for the ¥158.00 mark. This will remain the case while Thursday's ¥156.38 low underpins. Below it lie the 9 May high and the tentative uptrend line at ¥155.95 which may also offer support.​​

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

This information has been prepared by IG, a trading name of IG 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.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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