EUR/USD and GBP/USD recovering as USD/JPY holds firm
The week has begun with the euro and sterling attempting to move up against the dollar, while USD/JPY’s strong run continues.
EUR/USD aims to recover after sharp losses
After suffering losses last week, EUR/USD is attempting to bounce from $1.185.
It will take a big move back above $1.195 to really suggest a low is in, and with prices heavily oversold intraday some form of bounce was to be expected. Still, it may yet form a higher low after the March one, providing some hope for the buyers. Sellers will hope for a resumption of the downward move towards $1.17.
GBP/USD holds $1.38 as it edges up
The price of GBP/USD has edged up from $1.38 in early trading, with a more bullish view still prevailing here for now.
Continued gains back above $1.40 will help restore a bullish outlook in a more defined fashion, while sellers will want to see the $1.38 level broken to the downside.
USD/JPY holds steady in early trading
USD/JPY edged back from last week’s highs but shows no sign of a full-blown reversal, with some gains in recent hours providing a more bullish impulse.
Further gains head towards ¥110.70, with continued USD strength apparently likely in the wake of last week’s Federal Open Market Committee (FOMC) meeting. Bears will need to drive the price back below ¥109.50.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
