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​​EUR/USD surges to 4-month high, GBP/USD to 1-year high while EUR/JPY slumps

​​EUR/USD surges to 4-month high, GBP/USD to 1-year high while EUR/JPY slumps ahead of Thursday’s ECB meeting.

Euro Source: Adobe images
Forex United States dollar Japanese yen EUR/USD Euro GBP/USD
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​​EUR/USD trades in 4-month highs

EUR/USD's rise above the June peak at $1.0916 has the $1.10 region in its sights ahead of Thursday’s European Central Bank (ECB) meeting.

​Support can now be found around the June peak at $1.0916 and further down at the 8 July high at $1.0842.

EUR/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

GBP/USD trades in 1-year highs

GBP/USD has overcome $1.30 and so far trades in 1-year highs at $1.3045. Further up beckons the 18 July 2023 peak at $1.3126.

​Minor support is seen at the $1.2996 27 July 2023 high and further minor support at the $1.2894 8 March high.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

​EUR/JPY drops

EUR/JPY slips further from its ¥175.42 multi-decade high and so far dropped to the ¥170.00 mark which offers at least short-term support. 

Minor resistance can now be seen at the 12 July low at ¥171.47, ahead of the 16 July high at ¥172.92.

EUR/JPY chart Source: TradingView.com
EUR/JPY chart Source: TradingView.com

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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