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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

​​EUR/USD, EUR/GBP sideways trade while USD/JPY continues its ascent

​​Outlook on EUR/USD, EUR/GBP and USD/JPY amid rapidly falling German producer inflation and a rising greenback.

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​​​EUR/USD range trades

EUR/USD’s descent from its 13-month high at $1.1075, caused by an appreciating greenback which recovered from a one-year low amid a US “rates higher for longer” scenario, has so far taken it to this week’s low at $1.0910, above which it has been range trading since the beginning of the week.

​A fall through Monday’s $1.091 low would target the $1.0832 to $1.0804 mid-February and 10 April lows which represent significant support.

​Minor resistance above Wednesday’s $1.0984 high sits along the minor psychological $1.10 mark with further resistance being spotted at the $1.1033 February peak. Still further up lies last week’s peak at $1.1075, ahead of the January 2022 low and early March 2022 high at $1.1121 to $1.1122.

EUR/USD chart Source: IT-Finanace.com
EUR/USD chart Source: IT-Finanace.com

​EUR/GBP oscillates around the 55-day simple moving average

EUR/GBP’s recent failure at its late March high at £0.8865 has taken the cross to this week’s low at £0.8792 before it recovered towards its 55-day simple moving average (SMA) at £0.8827 as German produce inflation slows sharply.

​German year-on-year producer inflation slowed by more-than-expected and for a sixth consecutive month to a 22-month low of 7.5% in March versus 15.8% in February and an expected 9.8%.

​Above the 55-day SMA lies Wednesday’s high at £0.8838, a rise above which would lead to the late March and current April highs at £0.8864 to £0.8865 being back in the frame.

EUR/GBP chart Source: IT-Finance.com
EUR/GBP chart Source: IT-Finance.com

​USD/JPY advance continues

​USD/JPY’s rise from its early April low at ¥130.64 has taken the currency pair to its 15 March high at ¥135.11 before stalling.

​Above this level and this week’s high at ¥135.14 the 200-day SMA at ¥137.06 and the March peak at ¥137.91 represent the next technical upside targets.

​Slips should find support between the late March and 12 April highs at ¥134.05 to ¥133.76 as well as along the 55-day SMA at ¥133.49.

USD/JPY chart Source: IT-Finance.com
USD/JPY chart Source: IT-Finance.com

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