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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 looks to break higher, while GBP/USD rally continues and USD/JPY moves down once more

EUR/USD has finally started to clear resistance, while the multi-day bounce goes on in GBP/USD.

JPY Source: Bloomberg
Forex United States dollar EUR/USD GBP/USD Japanese yen Euro
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD climbs through $1.19 again

We have finally seen a move through $1.19 for EUR/USD, which was needed to signal a breakout.

So long as the price holds above here the more bullish view will remain firmly in place, targeting the August peak at $1.2011. A more bearish view requires a reversal back below $1.18.

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

GBP/USD continues its winning streak

Five days of gains have carried the GBP/USD pair to its highest level since early September.

Crucially, the intraday lows have all been higher than the previous day over the past week, confirming the short-term uptrend. The next target is the August peak at $1.3472, with no sign so far that any reversal is on the way.

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

USD/JPY pushes lower once more

After the shock rebound on Monday, the downtrend for USD/JPY has steadily reasserted itself. After moving back below ¥104.50 the decline has begun anew, eroding some of Monday’s rally.

However, there will be some doubt about this move until it drops below ¥104.00, and then we have a clearer idea of the next move. Further declines head towards ¥103.00, while a more bullish view requires a rally above Tuesday’s high of ¥104.76.

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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