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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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EUR/USD, GBP/USD and USD/JPY all looking strong

We continue to see signs of risk appetite, as EUR/USD, GBP/USD and USD/JPY keep rallying following gains earlier this week.

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Forex United States dollar Euro Japanese yen European Central Bank USD/JPY
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD strong ahead of ECB

The EUR/USD pair shows no sign of slowing in its ascent ahead of the European Central Bank (ECB) meeting.

Over the past two weeks the pair has found support near the rising 50-hour simple moving avergae (SMA) which is currently $1.1198, and if this holds again another bounce above $1.126 may result. A reversal below $1.11 is needed to provide a more bearish view in the near term.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD still advancing

GBP/USD bulls will be hoping for the creation of a higher low as the price retreats from the highs of the week.

A rebound targets those highs at $1.26 and higher, while declines head towards $1.225 and then $1.22. Bears will need to see the creation of lower highs on the hourly chart, which for the time being is still an elusive goal.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

USD/JPY pauses after sharp rally

The USD/JPY pair has finally cleared the zone of resistance around ¥107.80 and has leaped higher as a result.

Pullbacks towards this previous area of resistance may be buying opportunities, while short-term upside targets ¥109.45 and then on to ¥112.00.

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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