Dollar strength evident for EUR/USD, GBP/USD and USD/JPY
EUR/USD, GBP/USD and USD/JPY see a strengthening dollar gain the upper hand.
EUR/USD continues to grind higher
EUR/USD has been regaining ground following a deep pullback into $1.1085.
The key here is whether we see the $1.1067 level broken, with a wider long-term downtrend coming back into play. Until then, the uptrend in play over the past two months remains relevant. As such, further upside could play out, yet the directional bias only really becomes clear with a break above $1.1205 or below $1.1067.
GBP/USD falls into trendline support
GBP/USD has slumped into an ascending trendline, with the pair currently being held up at that support level.
The wider uptrend remains intact until we see a break below the $1.2905 low, with the 76.4% Fibonacci support level also potentially playing a part just below this trendline. Ultimately, we need to see $1.2905 broken to bring any confidence of a protracted bullish move. To the upside, watch for a break through $1.31 to bring about a more bullish outlook.
USD/JPY easing back after bullish breakout
USD/JPY managed to break through a crucial area of resistance last week, with the pair hitting a seven-month high earlier today.
That breakout points towards further upside coming into play, with a break below ¥1.0943 required to bring about a more bearish short-term picture. Until then, any short-term downside looks like a buying opportunity.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa 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
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only
