FX levels to watch: EUR/USD, GBP/USD and USD/JPY
EUR/USD, GBP/USD, and USD/JPY are all heading higher, with the yen clearly the weaker currency amid wider dollar weakness.
EUR/USD heading higher after overnight pullback
EUR/USD is heading higher this morning, following on from an overnight pullback that brought us back into the $1.1295 support level.
The pair has been showing initial signs of a possible bullish reversal, and a break through $1.1334 and $1.1341 would provide us with the bullish confirmation from here. As such, things are looking more bullish for the short-term picture if we rally through that zone. However, be aware that any such resurgence is likely to be a retracement of the sell-off from $1.1514.
GBP/USD seeking to break key resistance
GBP/USD is turning higher once more this morning, following on from a shallow retracement overnight. This points towards a potential resurgence and bullish breakout.
As such, watch for a possible break through the $1.2939-$1.2959 resistance zone to bring about a bullish short-term picture. Much like EUR/USD, such a breakout would provide a likely wider retracement of the sell-off from $1.3213 rather than the start of a complete bullish reversal.
USD/JPY starts to ramp up rally
The USD/JPY uptrend is gaining traction, following on from a period of weakness last week.
This ramp up in bullish price action provides confidence that this is going to be the start of the next leg higher, with a rally through ¥111.13 likely to play out as a continuation of the 2019 uptrend. A break below ¥110.45 would start to bring this bullish outlook into question.
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.
