EUR/USD, EUR/GBP and EUR/JPY advance ahead of Thursday’s ECB meeting
EUR/USD, EUR/GBP and EUR/JPY rise ahead of ECB policy meeting.
EUR/USD trades back above the 200-day SMA
EUR/USD is heading back up again and testing its December-to-March downtrend line at $1.084. If breached, the late February high at $1.0866 will be back in sight.
While Thursday's $1.0796 low underpins, the short-term uptrend remains intact.
Failure at $1.0796 could lead to a sell-off to the $1.0733 to $1.0695 mid-February lows, though.
EUR/GBP remains above its uptrend line
EUR/GBP continues to trade above its February uptrend line at £0.8556 and still has the £0.8573 to £0.8578 key resistance area in view. As long as it caps, further sideways trading remains on the cards.
A rise and daily chart close above £0.8578 needs to be seen for the 200-day simple moving average (SMA) at £0.8609 to be reached.
Support below the uptrend line lies between the July-to-August lows at £0.8504 to £0.8493.
EUR/JPY is regaining lost ground
EUR/JPY's recovery from last week's ¥161.69 low is encouraging for the bulls. This low was made close to the 13 February high at ¥161.63.
Minor resistance now sits at Thursday's ¥163.31 low, a rise above which would target the February peak at ¥163.71.
Only a fall through the 15 February low at ¥160.92 would threaten the medium-term uptrend.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
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
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
