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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. 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.

FX levels to watch: EUR/USD, GBP/USD and USD/JPY

USD/JPY is seeing a revival, having rallied to the March highs, while EUR/USD moves higher and the pound holds on above $1.30.

British pound Source: Bloomberg

EUR/USD build on last week’s gains

EUR/USD still looks like a ‘buy on the dips’ market, having shaken off the weakness seen at the time of the European Central Bank (ECB) meeting.

Key resistance is still up around $1.14/$1.14, where the rallies of February and March stalled. A fresh decline targets $1.12, where strong support has been found of late.

EUR/USD chart
EUR/USD chart

GBP/USD solidly supported above $1.30

GBP/USD continues to hold above $1.30, and having found strong support around $1.305 is now looking to push through $1.312 and the highs of the past two weeks. Further gains target $1.32.

With the daily moving average convergence (MAC) turning higher (although not yet bullish) the buyers would seem to have the advantage, but a close below $1.30 would negate this.

GBP/USD chart
GBP/USD chart

USD/JPY rallies to top of range

USD/JPY has traded in a range from ¥109.70 to ¥112.00 over the past six weeks, and Friday’s move took it back to the top of this range.

A break higher targets ¥114.00 while fresh declines head towards ¥110.90 and then down to ¥109.70.

USD/JPY chart
USD/JPY chart

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