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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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Fresh USD weakness lifts EUR/USD and GBP/USD, while pushing down USD/JPY

Despite some comments from FOMC members about needing to push on with hikes, the dollar has edged down again.

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

​​EUR/USD prepares to test $1.04 again

EUR/USD attempted bounce yesterday was stymied by a strengthening dollar, but it has moved up again in early trading.

An area of resistance is developing around $1.04, so a move above this zone is needed to open the way to additional upside, allowing the price to build on the bounce from the September lows.

This would then bring $1.064 into view. A move below $1.02 is needed to suggest that the downtrend could be returning.

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

GBP/USD moves up in early trading

The buyers are attempting to take control again with GBP/USD after two days of losses, setting up an attempt to clear the 200-day simple moving average (SMA) $1.217.

A bounce from current levels would help to put the pair back on an upward footing and restore the bounce from the September lows. Additional upside would target $1.225, the August high, and then on to the June high at $1.2366.

A reversal below short-term trendline support and below $1.19 might point towards some more short-term consolidation, and then bring the 100-day SMA into view.

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

USD/JPY drops back despite Fed comments

Despite a bounce yesterday, USD/JPY is under pressure once again, heading back towards yesterday’s lows.

Additional declines would bring the ¥135.00 level into view, followed up by the 200-day SMA.

It would need a move back above ¥142.50 to suggest that a bounce is in play, with a break above trendline resistance from the October highs.

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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