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EUR/USD still rallying, as GBP/USD and USD/JPY drop back

While EUR/USD continues to climb in the wake of the ECB meeting, GBP/USD is slipping lower and USD/JPY has now moved into a ranging phase.

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

EUR/USD still in uptrend

We have seen EUR/USD establish a lower high, dropping back after a sharp bounce ahead of yesterday’s European Central Bank (ECB) meeting. But losses have been contained around $1.138, and a fresh push higher may target $1.142 and short-term trendline resistance.

There is little sign of a bigger change in trend, which would likely need a reversal below $1.132 in the first instance.

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

GBP/USD looks for support

Having established another lower high, GBP/USD is now testing rising trendline support from Tuesday’s low. This held yesterday, but if we see continued losses, the bearish view will receive further reinforcement.

A more bullish view needs to see the price recover above $1.26 and then take out trendline resistance around $1.262.

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

USD/JPY falters at resistance again

Despite the rebound from ¥106.70 for the third time in just over a week, the best that can be said for USD/JPY is that the downtrend from the beginning of the month has now moved into more of a range-bound phase.

Dips towards ¥106.70 have found buyers but gains have run out of steam some 70 points higher. For the moment, this range looks to be the way to look at USD/JPY, with a break higher or lower needed to establish, or indeed re-establish, a trend.

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. 70% 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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