EUR/USD under heavy selling pressure as GBP/USD and USD/JPY edge higher
It was a tough day for EUR/USD yesterday, which fell to its lowest level in 16 months, while GBP/USD and USD/JPY have made small gains.
EUR/USD slumps below $1.14
EUR/USD continues to plumb new depths for the year, lurching lower yesterday to a level below $1.14 for the first time since July 2020.
The next target to the downside is the $1.124 swing high from the very end of 2019. So far there is no sight of a more bullish short-term move, and even a rally towards $1.16 would still provide the potential for a lower high and a reinforcement of the downtrend.
GBP/USD bounce continues in cautious fashion
Things are looking a touch better here for GBP/USD bulls, although even here the pair is still edging up only from a lower low.
A rebound from here towards the upper bound of the current daily descending channel would see the pair head back towards $1.37. Sellers at present may look for a reversal of the past three sessions of gains, which in this case would see $1.3365 broken to the downside and a firmly bearish leg lower begin.
USD/JPY still targets recent highs
The dollar continues to strengthen overall with USD/JPY, and the pair is slowly recovering from the early November dip below ¥113.00.
A move back towards ¥114.50 is still contemplated, supported by rising stochastics and guardedly bullish price action. A move back to, and then below, ¥113.00 would be needed to negate this view.
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.
