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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 stuck fast, as GBP/USD and USD/JPY move higher

The euro is unable to rally against the dollar, but the pound is able to move up against the greenback and USD/JPY makes further strong gains.

USD/JPY Source: Bloomberg

EUR/USD clings to recent lows

EUR/USD continues to struggle around $1.17, having seen gains above this level last week fizzle out. So far any bigger move lower continues to elude the sellers, with a defence of $1.17 holding the pair in place.

We wait for a bigger move above $1.175 or below $1.166 to provide the indication of the next directional move.

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

GBP/USD stages a recovery

Signs of GBP/USD bullish momentum have developed over the past two sessions, as the price builds on Monday’s gains with a push back above $1.37.

Further gains would target the 50-day simple moving average (SMA) at $1.379, and then on to $1.385.

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

USD/JPY targets August high

Further gains for USD/JPY have carried to the highest level in months, any ¥111.60 looks like it will be tested in due course.

This powerful leap higher has broken the summer range and puts buyers firmly in charge, opening the path to additional upside beyond the late June high.

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

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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