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FX levels to watch – EUR/USD, GBP/USD, AUD/USD

Risk currencies are seeing some strength this morning, although concerns about a trade war are limiting gains.

CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.

EUR/USD strength persists

The Italian election result pushed EUR/USD down towards $1.2165, but the price has rebounded since then. It has moved above $1.2323 and will now target $1.25.

However, this may take some time, as momentum on the four-hour chart is now overextended and near-term upside may be limited. But, any pullback that holds above $1.2165 would represent a buying opportunity, as the wider bullish EUR/USD trend persists.

GBP/USD rallies but stuck in near-term fall

We saw the price push higher yesterday, but GBP/USD established a lower high last week that indicates remaining bearish momentum.

The near-term downtrend remains, and it will need a move above $1.4070 to reverse this. A decline will target $1.37, and then $1.3659 and $1.3613.

AUD/USD holds vital support

AUD/USD has managed to hold $0.7748 over the previous three sessions, but an attempt to push higher has so far been defeated.

Below $0.7748, $0.7694 and then $0.7654 come into play as possible support. A rally will target $0.7807, and then on to $0.7835. Bulls will need a close above $0.79 to break the sequence of lower highs.

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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.