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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 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. 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 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.

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Dollar on the rise for EUR/USD, GBP/USD, and USD/JPY

US dollar strength continues to play out across EUR/USD, GBP/USD and USD/JPY despite positive news on US stimulus package.

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​EUR/USD continues its decline, as dollar strengthens

EUR/USD has continued its decline this morning, with the pair dropping into a fresh three-month low today. That sell-off is part of a dramatic period of weakness over the course of March thus far.

Further downside does look likely before long, with a rise through the $1.1932 level required to bring a wider pullback into play. Until then, another move lower is on the cards.

EUR/USD Chart Source: ProRealTime
EUR/USD Chart Source: ProRealTime

GBP/USD stabilises after decline through support

GBP/USD is consolidating after a sharp decline towards the back end of last week. That stabilisation comes off the back of a drop below $1.383, bringing an end to the uptrend to form a head and shoulders formation.

A break up through the $1.4017 swing-high brings an end to this current bearish picture, with further downside looking likely until then.

GBP/USD Chart Source: ProRealTime
GBP/USD Chart Source: ProRealTime

USD/JPY continues to outperform

USD/JPY has been on an impressive rise over the course of the past fortnight, with the pair rising into an eight-month high on Friday.

That ongoing uptrend continues to remain the dominant driver of price action, with a break below the ¥108.09 swing-low required to bring about speculation of a short-term pullback. Until then, further strength looks likely to play out as we move forward.

USD/JPY Chart Source: ProRealTime
USD/JPY Chart Source: ProRealTime

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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 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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