EUR/USD, EUR/JPY and GBP/USD rise further still
EUR/USD, EUR/JPY and GBP/USD rise further following Fed Chair Jerome Powell’s dovish testimony.
EUR/USD rallies further
EUR/USD is in the process of breaking through the September-to-February tentative downtrend line at $1.0430. It is close to the key $1.0461 to $1.0533 resistance zone, which must be overcome for a medium-term bullish reversal to be confirmed.
Minor support lies at the 23 January low at $1.0372.
Major support below this week's $1.0281 low remains to be seen at the January-to-February lows at $1.0224 to $1.0178.
EUR/USD daily chart
GBP/USD advances
GBP/USD has broken through the 55-day simple moving average (SMA) and the September to February tentative downtrend line at $1.2488 while aiming for last week's high at $1.2550. A daily chart close above this level would confirm a medium-term bottoming formation.
While Tuesday's low at $1.2333 underpins, a short-term uptrend remains in play.
GBP/USD daily chart
EUR/JPY rises further still
EUR/JPY's rally has now taken it to the 55-day SMA at ¥161.05, with the ¥164 region in focus.
Minor support can be seen between the mid-December to mid-January lows at ¥159.81 to ¥159.70.
Further minor support lies between the late September and 3 February lows at ¥158.11 to ¥157.97.
EUR/JPY daily chart
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.
