EUR/USD struggles as GBP/USD bounces and USD/JPY pushes higher
While the pound and the yen are making headway against the dollar, the euro is having a tougher time of it.
EUR/USD tiptoes higher from intraday lower low
The price of EUR/USD eked out a lower low yesterday, edging below $1.21, with a small overnight bounce following on from this.
A continued rebound targets $1.22 and then on to $1.225. A resumption of losses below $1.21 brings $1.20 into view.
GBP/USD bounces from $1.41 yet again
The GBP/USD price continues to ferociously defend $1.41, bouncing from this support zone yet again.
The firm defence of this floor points towards the idea that the uptrend in GBP/USD is still active, but just consolidating for now. A close below $1.406 would negate this view and point towards a deeper correction.
USD/JPY continues its steady trend higher
Higher highs and higher lows since the end of April point towards a renewed move higher for USD/JPY.
Further gains head to ¥110.37, and from there back towards the March peak at ¥111.00. Should this bullish momentum stall and reverse then a drop below ¥109.20 is needed to clear the latest higher low.
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
