EUR/USD comes under pressure as GBP/USD and USD/JPY recover
The euro has failed to make much headway against the dollar, but both sterling and yen have advanced over the past two sessions.
EUR/USD stuck below resistance
While EUR/USD has managed to stop the downward move of last week, it has been unable to break through the $1.185 zone of resistance.
However, with a higher low yesterday there is still scope for a break higher, which would in due course target $1.196. A reversal below $1.178 would negate this view and open the way to $1.171.
GBP/USD targets $1.325
Here the GBP/USD has managed to rally throughout the week, putting it on course to target the $1.325 zone that marked the highs last week.
This impressive recovery revives the more bullish view, although a break out above last week’s highs is still needed to cement this view. For now bears seem to be out of luck, unless we see a reversal that wipes out the gains of the week so far and then breaches $1.305 to the downside.
USD/JPY remains in rising channel
The USD/JPY price continues to adhere to a rising channel, having completed a retracement from the highs seen on Tuesday.
A continued rebound raises the prospect of a move back towards ¥106.60, and then to ¥106.80, and the upper bound of the channel. A drop below ¥105.70 would potentially mark the end of this bullish view and open the way to further downside.
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.
