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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

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.

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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.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

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.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

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.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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