Skip to content

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

FX levels to watch – EUR/USD, GBP/USD, USD/JPY

PMI readings for the eurozone have bolstered EUR/USD, while USD/JPY has turned lower after yesterday’s bounce.

Video poster image

EUR/USD rallies towards $1.17

The price for EUR/USD rallied yesterday, and did move above the 17 July high, but the sellers have returned.

A failure to close above $1.1750 would provide another selling opportunity, and it requires a close above $1.18 to restore a more bullish outlook, opening the way to $1.1852. Further declines bring the $1.15 support zone into play.

EUR/USD price chart

GBP/USD finds near-term support

Overnight losses have been reversed, and for the time being it looks like a push higher is underway for GBP/USD.

Today’s current low is above the lows from the end of last week, so a bounce above $1.3150 would suggest a broader move higher is underway, targeting $1.33 in the near term.

GBP/USD price chart

USD/JPY turns lower again

The overnight bounce was short-lived for USD/JPY, and it looks like another challenge of rising trendline support will occur today.

A close below ¥111.00 and then also below yesterday’s low around ¥110.70 would suggest a broader retracement is underway. A move above ¥111.60 would indicate that a higher low had been created and that a push to ¥113.00 was in play.

USD/JPY price chart

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.

Find an article

Find articles by writer