EUR/USD and GBP/USD head lower as USD/JPY edges up
The euro and sterling are faltering against the dollar, while against the yen the greenback is making gains.
EUR/USD stalls at $1.19
EUR/USD's bounce from the lows of August have stalled at $1.19, with Friday’s rally to this level encountering pushback.
The drop over the past 24 hours is only modest, and indeed stochastics and the moving average convergence/divergence (MACD) have yet to roll over, but further declines towards $1.18 will reinforce the bearish view. Bulls will want to see a recovery above $1.188 to allay concerns that a turn lower is beginning.
GBP/USD turns lower
Here too with GBP/USD, it looks like a lower high could be in play, as the price reverses towards $1.38 after gaining since late August
Confirmation will come with a move below $1.375, while buyers will want to see $1.385 recovered to put the price back on an upward footing.
USD/JPY makes gains
After struggling to make headway last week, USD/JPY has continued to hold ¥109.50, holding trendline support from the August low, and pushing towards ¥110.00, the area where gains have stalled of late.
Continued adherence to trendline support suggests that the buyers remain in charge, a scenario which remains the case unless we see a drop below ¥109.50.
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.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
