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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.
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.

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

The euro and sterling remain firmly under pressure, while USD/JPY is enjoying a strong rally.

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EUR/USD in key support area

EUR/USD has dropped below the rising trendline that has held in place since last April. It is now into the key support area that has held around $1.22 since the beginning of February.

Below this, $1.1950 would be a possible area of support. A turn higher continues to target $1.24 and $1.2520.

EUR/USD price chart

GBP/USD holding despite drop

While the price for GBP/USD is dropping below $1.40, it does continue to hold the 50-day simple moving average (SMA) of $1.3989.

However, a fresh bounce from here would target $1.42 and then $1.4345. Further losses will test support at $1.3836, $1.3711 and then $1.3659.

GBP/USD price chart

USD/JPY in a strong rally

USD/JPY has enjoyed a strong rally, breaking above ¥107.30 for the first time since early March.

From here, ¥108.00 comes into view. A failure to hold above ¥107.32 would trigger a broader fall back towards ¥105.00.

USD/JPY price chart

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