EUR/USD, GBP/USD and EUR/JPY bounce off support
Outlook on EUR/USD, GBP/USD and EUR/JPY as they bounce off support ahead of US services PMI data and Jerome Powell speech.
EUR/USD bounces back
The $1.0724-23 December and early February lows held as support for EUR/USD which is currently recovering.
While the $1.0797 to $1.0802 late February and March lows aren't bettered, though, the downtrend remains in place. A fall through $1.0724-23 would target the $1.0695 February low.
GBP/USD finds support
GBP/USD recovers towards the 200-day simple moving average (SMA) at $1.2586, having levelled out slightly above key support which sits between the December-to-February lows at $1.2519 to $1.25.
Above the 200-day SMA at $1.2586 lies the early March low at $1.26.
EUR/JPY resumes its ascent
EUR/JPY is recovering from its ¥162.68-61 mid-March high and early April low, so far to ¥163.32 with the February high at ¥163.71 representing the next upside target.
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