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EUR/USD rallies as GBP/USD and USD/JPY struggle

A break higher for EUR/USD contrasts with continued weakness for GBP/USD and USD/JPY.

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

EUR/USD breaks resistance

EUR/USD has succeeded in breaking higher, pushing above trendline resistance yesterday. Gains however have stalled for now at $1.133, as they did at the beginning of the month.

Broader upside would require a move above $1.135, but the longer-term downtrend remains in place.

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

GBP/USD continues to struggle

Unlike EUR/USD GBP/USD remains under pressure, hit by changing expectations of a UK rate hike and the return to some Covid-19 restrictions.

The yawning gap between the price and the 50-day simple moving average (SMA) above $1.35 refuses to close, and so far there looks like no sign of a move to the upside, which would require at least a move back towards $1.33.

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

USD/JPY edges lower

Gains with USD/JPY have stalled at ¥113.60, as the price retreats back below the 50-day SMA. This drop will need to move below ¥113.00 to indicate the sellers are back in control.

Alternately, the bullish view is revived with a move back above ¥113.80.

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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