Dollar strength evident for EUR/USD, GBP/USD and USD/JPY
EUR/USD, GBP/USD and USD/JPY see a strengthening dollar gain the upper hand.
EUR/USD continues to grind higher
EUR/USD has been regaining ground following a deep pullback into $1.1085.
The key here is whether we see the $1.1067 level broken, with a wider long-term downtrend coming back into play. Until then, the uptrend in play over the past two months remains relevant. As such, further upside could play out, yet the directional bias only really becomes clear with a break above $1.1205 or below $1.1067.
GBP/USD falls into trendline support
GBP/USD has slumped into an ascending trendline, with the pair currently being held up at that support level.
The wider uptrend remains intact until we see a break below the $1.2905 low, with the 76.4% Fibonacci support level also potentially playing a part just below this trendline. Ultimately, we need to see $1.2905 broken to bring any confidence of a protracted bullish move. To the upside, watch for a break through $1.31 to bring about a more bullish outlook.
USD/JPY easing back after bullish breakout
USD/JPY managed to break through a crucial area of resistance last week, with the pair hitting a seven-month high earlier today.
That breakout points towards further upside coming into play, with a break below ¥1.0943 required to bring about a more bearish short-term picture. Until then, any short-term downside looks like a buying opportunity.
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.
