EUR/USD, EUR/GBP and EUR/JPY bid ahead of ECB rate decision
EUR/USD, EUR/GBP and EUR/JPY bid ahead of the ECB’s anticipated 25 basis point rate cut.
EUR/USD finds support
EUR/USD found support slightly below its August 5 high at $1.1009 following Wednesday's US August consumer price index (CPI) release and ahead of today's European Central Bank (ECB) rate decision. Minor resistance above Wednesday's $1.1055 high can be seen around the 22 August low at $1.1098.
A fall through $1.1000 would likely engage the 21 March high at $1.0942. For now we stick to our neutral medium-term forecast.
EUR/GBP range bound
EUR/GBP briefly rallied to £0.8463 before being rejected by the 55-day simple moving average (SMA) at £0.8465. Further sideways trading is thus at hand.
A fall through Wednesday's £0.8423 low would likely engage Friday's low at £0.8412. Below it the June-to-July lows remain to be seen at £0.8398-to-£0.8378. A rise above £0.8465 would be targeting minor resistance at the 19 August low at £0.8509.
EUR/JPY stabilizes
EUR/JPY seems to have at least short-term levelled out above its ¥154.42 early August low and is seen heading back up again towards its 10 September high at ¥158.64.
The information 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 Bank S.A. 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 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.
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
- Take your position
- 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.
