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

Easing of trade war fears has helped revive the US dollar for the time being. 

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 falls back to support area

EUR/USD has fallen back to the area around $1.2250 that provided support back in mid-March.

If this holds, then a bounce back towards $1.24 is possible, and then on to the $1.25 area. A break lower targets $1.2165 and then $1.2093.

GBP/USD pauses after modest gains

After edging higher over the past few days, we have seen GBP/USD stall below $1.41, but the services purchasing managers index (PMI) will likely restore a degree of direction.

Above $1.41, the $1.4145 and then $1.4220 levels come into view. A close below $1.40, which has provided support over the past week, would bring on a more bearish tone and suggest a move down to $1.3943 and then $1.3836.

AUD/USD rally stalls

Having rallied off the lows around $0.7640, AUD/USD has faltered around $0.7720.

A further drop will bring $0.7650 back into view, while a reversal would open the way to $0.7750 and $0.78. 

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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.