EUR/USD declines while USD/JPY surges amid US-China trade hopes
EUR/USD breaks lower, with USD/JPY on the rise amid growing hope of a US-China trade deal. Meanwhile, GBP/USD continues to consolidate.
EUR/USD breaks below key support level
EUR/USD fell below the $1.1347 support level this morning, seemingly paving the way for a period of declines over the coming days.
The recent trend of higher highs and lows is likely to remain, yet this drop below $1.1347 points towards a likely retracement phase coming into play from here. With that in mind, watch out for a move into the 61.8%-76.4% retracement zone ($1.1269-$1.1235) before the wider bullish trend starts to come back into play.
GBP/USD continues to consolidate
GBP/USD remains within a consolidation phase, with the pair declining back into the $1.2661 support level this morning. A break below that level would signal a likely bearish phase coming into play.
However, until that break occurs it seems likely we will see another move higher to continue this consolidation phase.
USD/JPY rallies into trendline resistance
USD/JPY has been on the climb throughout recent trading days, with the pair moving towards the crucial ¥108.80 breakout level following a shift out of haven assets this morning. However, the wider downtrend remains intact unless we see a break through that ¥108.80 swing high.
With that in mind, watch for whether we start to decline from trendline resistance, with a break through ¥108.80 required to bring about a bullish outlook for the pair.
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.
