EUR/USD and EUR/GBP edge lower, while USD/CAD pushes higher
Euro weakness has seen EUR/USD and EUR/GBP come under pressure, while USD/CAD is breaking higher.
EUR/USD holds near recent lows
The pair EUR/USD suffered further losses on Tuesday, and is on course to test fresh multi-week lows.
Last week selling stalled at the $1.077 area, but a drop below this opens the path to the $1.055 lows from March. This would mark a substantial decline, but bulls might take comfort if the price can establish a higher low above this area.
Currently, a rebound above $1.055 would be needed to bolster the bullish view and suggest a renewed attempt to head back to $1.11 is in play.
EUR/GBP comes under fresh pressure
Euro weakness was felt with EUR/GBP too, with the price once again dropping back from an attempt to break above £0.87.
Repeated attempts to clear this level have met with failure, and it would need a move back above the £0.873 area to suggest that another attempt to move back to £0.855 and the highs from late April is back in play.
Recent losses have been stemmed around £0.867, so a move below this area would mark a fresh bearish move and a drop towards the £0.857 lows from December.
USD/CAD revives in early trading
Early trading in the pair USD/CAD has seen the price push on above the 50-day simple moving average (SMA), helping to provide a more bullish view after some indecision.
A break back below C$134.60 would suggest another drop to C$1.33, the lows from April and May.
Buyers need a move back above the C$1.357 area to suggest a bigger move higher, perhaps to the April highs, is in play.
This information has been prepared by IG, a trading name of IG Markets 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.
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
