Dollar weakness brings strong EUR/USD and GBP/USD, while USD/JPY rises from trendline
EUR/USD and GBP/USD rise back towards major resistance, while USD/JPY starts to turn higher from trendline support.
EUR/USD rallies into key resistance
EUR/USD has continued its rise, with the price running into the $1.2243 resistance level established back in late February.
With the pair coming off the back of a strong surge, this resistance level could bring a pullback for EUR/USD. As such, today's sentiment will largely be directed by the reaction to this resistance level.
GBP/USD pauses after latest rise
GBP/USD has also been on the rise, with the dollar having suffered from a fresh bout of selling across the board.
The uptrend seen over the course of the past month does point towards further upside to come, although the fall below 80 on the stochastic does highlight a potential pullback. To the upside, the $1.4241 level provides a major hurdle to overcome.
USD/JPY retracement could be over, with bulls coming back into play
USD/JPY has been on the back foot over the course of the past week, with the pair retracing the gains seen a week ago.
However, with a wider bullish trend in place, there is a good chance we will see strength following this decline into trendline support. As such, watch for a potential push higher from here. A break below the ¥108.35 level would be required to negate this wider trend of higher lows.
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
