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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, GBP/USD and USD/JPY gain ground, yet questions remain

EUR/USD, GBP/USD and USD/JPY continue to move higher, although recent intraday gains could falter given key resistance up ahead.

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​EUR/USD rallies into Fibonacci resistance

EUR/USD has managed to rebound into the 61.8% Fibonacci level this week, with the price currently caught between trendline support and Fibonacci resistance. The wider trend does show the potential for another bearish turn before long, although a break below $1.1571 would bring greater confidence of that bearish turnaround.

To the upside, resistance comes in the form of $1.1667 and $1.1701, although a push through $1.1755 would ultimately be required to negate this recent downtrend.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD recovery continues with key resistance up ahead

GBP/USD has been regaining lost ground of late, with the pair rising into a fresh one-month high yesterday. From an intraday perspective, we have a clear uptrend playing out since the late-September lows. However, with a wider trend of lower highs, a break through $1.3913 would ultimately need to come back into play.

Nonetheless, it makes sense to expect further upside until we see the price break out of this intraday trend. Thus a decline through $1.3709 would be required to bring the bears back into prominence for this pair.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

USD/JPY back at major resistance level

USD/JPY has managed to rise back into the crucial ¥114.74 resistance level, which represents the peaks established back in November 2017 and October 2018. A break up through this level brings expectations of further gains for this pair.

With a clear intraday uptrend in play, a break below the ¥113.88 level would be required to signal a potential move away from resistance.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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