CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

EUR/USD, GBP/USD, and AUD/USD finding support after recent drops

EUR/USD, GBP/USD and AUD/USD start to find support as weakening haven demand lessens dollar strength.

EUR/USD on the rise as consolidation continues

EUR/USD is on the rise this morning, as the pair starts to reverse some of the sharp declines seen yesterday.

There is a chance we are creating a bearish reversal pattern here, with a break below the $1.1195-$1.1212 support bringing about a bearish head and shoulders formation. For now we are on the rise, yet the declines below $1.1241 seen on Friday point towards this current rally being a potential precursor to a bearish turn. Conversely, a break through yesterday’s peak of $1.1353 would bring about a more bullish signal.

GBP/USD falls back into Fibonacci support

GBP/USD has been on the slide over the past 24 hours, with the pair declining back into the 61.8% Fibonacci support level at $1.2543.

The recent drop below $1.2501 highlights a potential bearish reversal phase coming into play, yet we would need to see the $1.2543 level overcome first. With the price having rallied through the $1.2653 swing high, there is a chance we could move higher from here. Therefore, the move out of this recent 61.8% decline is going to be important as we seek to see the ongoing direction for this market.

AUD/USD turning higher after recent declines

AUD/USD is on the rise this morning, with the pair attempting to build on the recent reversal from 50% support at $0.6785.

Much like the GBP/USD move, Monday's break through the $0.6912 swing high points towards a potential bullish resurgence coming into play. The pair appears to be looking to build on that move, with price turning higher following the declines seen yesterday. With that in mind, this pair looks likely to continue pushing higher as long as wider market sentiment remains bullish. As such, a bullish outlook is in play here, with a break through the $0.6976 looking likely from here. A break back below the $0.6833 level would bring about a more bearish outlook.

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
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.

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