EUR/USD struggles, while GBP/USD pushes up and USD/JPY looks to hit ¥107
EUR/USD’s recovery from the Tuesday low is under threat, while GBP/USD is looking for further gains. Meanwhile, USD/JPY has entered a consolidation period after its recent surge.
EUR/USD stumbles after trendline support break
The EUR/USD price has faltered in early trading, dropping back from an attempt to break back above trendline support from the early February low. This puts the price at an interesting point, given the recovery from yesterday’s lows that saw it rally from $1.20.
If upward momentum runs out of steam then another drop towards $1.20 and lower may develop. Meanwhile, a recovery above $1.21 revives the bullish view and could put a move back towards $1.22 into view.
GBP/USD looks to continue push higher
Cable seems in better form after its rebound from Tuesday’s lows, the drop below $1.39 seemingly forming another higher low in GBP/USD’s ongoing rally.
A recovery above $1.40 would set the seal on this view, and put a move back towards $1.42 into place. Sellers will need to reverse the gains of the past 24 hours and push the price back below $1.39 to revive a more bearish view.
USD/JPY holds near highs
The slight overnight dip was bought, leaving USD/JPY within easy distance of ¥107.
So far there is no sign of any move lower, such as intraday lower highs and lower lows, so the bullish view, or at least consolidation, continues to hold sway for now.
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
