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CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

FX levels to watch: EUR/USD, GBP/USD, USD/JPY

Thanksgiving in the US means we are in for a quiet day across FX markets.

EUR/USD
Source: Bloomberg

EUR/USD uptrend intact for now

The price for EUR/USD has recovered from the steep losses seen on Tuesday, leaving the uptrend from the November lows intact.

Further gains above $1.1420 would target $1.1460, and then on to $1.1554. A move back below $1.1360 would invalidate the bullish view and give the sellers the upper hand.

EUR/USD chart

GBP/USD hovers above support

The price of GBP/USD has been pushed back to support at $1.2773 but is holding for now.

Further declines would target $1.2720, the low from last Thursday, while a bounce would have to clear $1.2870 and then break trendline resistance from the November high at $1.3160 to suggest the buyers are back in control.

GBP/USD chart

USD/JPY falters after bounce

The price for USD/JPY has rallied but with the US out of the equation for the day further gains may not be forthcoming.

If dip buyers can come in and create a higher low above this week’s low around ¥112.30 then a new trend may develop. Above ¥113.20 the price targets ¥113.60 and then ¥114.20.

USD/JPY chart

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