EUR/USD, GBP/USD and USD/CAD start to strengthen after recent losses
EUR/USD and GBP/USD losses ease, as USD/CAD starts to turn higher once more.
EUR/USD on the rise from long-term trendline
EUR/USD has started to regain ground over the course of this week, following on from a period of downside that took the pair into a long-term descending trendline.
That trendline points towards the possibility of a rebound in the near future, yet we still remain within a downtrend for now. A break through $1.1188 would see that short-term downtrend broken, yet until that happens, we could see another leg lower back into trendline support.
GBP/USD starts to stabilise after huge sell-off
GBP/USD has seen a sharp decline over the start of the week, with fears over a no-deal Brexit bringing about a heightened sense of bearishness for GBP traders.
We have seen the pair start to stabilise this morning, with tentative gains coming into play. Quite how far this will go remains to be seen, but it is likely that any such upside is a retracement before we sell-off once again. As such, should we break below $1.2119 after a minimal retracement, that would be seen as a good selling opportunity. Alternately, it is a case of seeing how this retracement plays out.
USD/CAD falls into Fibonacci support
USD/CAD fell sharply overnight, with the pair dropping into the 76.4% Fibonacci retracement level.
That pullback comes within a wider bullish trend over the past two weeks, bringing the opportunity to look for longs once again. A break below $1.3115 would negate this recent uptrend, yet a bullish outlook remains until then. A stochastic move through 20 would provide greater confidence that momentum is turning higher.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. 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. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market.
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
