EUR/USD and GBP/USD rally, while USD/JPY is held below resistance
The euro and sterling continue to rally against the dollar, while the greenback remains constrained by resistance against the yen.
EUR/USD returns to March peak
EUR/USD has rallied back to the area of resistance last seen at the end of March, providing an interesting moment for shorts.
A reversal back below $1.10 would needed to confirm that a bigger decline is at hand. Rising support from mid-March would come into play in the event of a deeper pullback, although this may not come into view around $1.085. Above $1.11, the price heads towards $1.14.
GBP/USD spike at risk of turning lower
GBP/USD has rallied towards the 100-day simple moving average (SMA) at $1.2570, but with the longer-term downtrend in place a possible reversal could bring out the bears once again.
Alternatively, a further rally through $1.26 then targets the 200-day SMA at $1.2664.
USD/JPY still testing resistance
While USD/JPY has rallied overnight, the area around ¥107.80 continues to act as resistance, as it has done since early May.
A move through ¥108.70 will bring a move towards ¥109.20, last seen in early April, with the potential for it to be a dramatic move given how strong resistance has been over the past month.
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.
