EUR/USD, EUR/GBP and EUR/JPY bid ahead of ECB rate decision
EUR/USD, EUR/GBP and EUR/JPY bid ahead of the ECB’s anticipated 25 basis point rate cut.
EUR/USD finds support
EUR/USD found support slightly below its August 5 high at $1.1009 following Wednesday's US August consumer price index (CPI) release and ahead of today's European Central Bank (ECB) rate decision. Minor resistance above Wednesday's $1.1055 high can be seen around the 22 August low at $1.1098.
A fall through $1.1000 would likely engage the 21 March high at $1.0942. For now we stick to our neutral medium-term forecast.
EUR/GBP range bound
EUR/GBP briefly rallied to £0.8463 before being rejected by the 55-day simple moving average (SMA) at £0.8465. Further sideways trading is thus at hand.
A fall through Wednesday's £0.8423 low would likely engage Friday's low at £0.8412. Below it the June-to-July lows remain to be seen at £0.8398-to-£0.8378. A rise above £0.8465 would be targeting minor resistance at the 19 August low at £0.8509.
EUR/JPY stabilizes
EUR/JPY seems to have at least short-term levelled out above its ¥154.42 early August low and is seen heading back up again towards its 10 September high at ¥158.64.
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.
