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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and 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 AUD/USD

EUR/USD is attempting to lead the way, with GBP/USD and AUD/USD looking likely to reverse lower amid recent signs of weakness.

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EUR/USD looks set for further gains

EUR/USD has been consolidating over the past five days, with the price falling back towards trendline support.

The uptrend remains intact, with the price continuing to respect the $1.1790 resistance zone. With that in mind, it makes sense to watch out for the pair to push through this resistance zone, with a break below $1.1724 required to negate the current uptrend.

GBP/USD continues to gain ground within likely retracement

GBP/USD has been regaining ground following on from the deterioration through the $1.3098 swing low.

That break points towards a strong possibility of another shift lower before long, thus highlighting the importance of the Fibonacci resistance up ahead. With this in mind, there is a strong chance we will see this market move lower soon, with a break above $1.3298 required to negate the bearish outlook.

AUD/USD turning lower from trendline resistance

AUD/USD is turning lower once more this morning, following yet another rebound into trendline resistance. There is a strong chance that we will see another move lower from here to continue the wider bearish trend.

However, a break below $0.7236 would provide us with a greater degree of confidence that we are set for further downside. Given that wider outlook, look out for a turn lower from here, with a break above $0.7382 required to negate the wider downtrend.

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