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 pullback could ultimately represent buying opportunity

EUR/USD, GBP/USD and AUD/USD head lower, but could this just be a breather before the bulls come back into play?

​EUR/USD slumps as we reverse recent gains

EUR/USD has built on the bearish breakdown seen last week, with another sharp selloff coming into play this morning. Coming off the back of a rally into the $1.1908 resistance level, we have seen the bears in charge ever since.

With the price starting to regain some ground in this current candle, there is a chance we move into another retracement phase for the near-term. However, we would need to see a break up through the $1.185 level the negate the bearish intraday picture.

Despite the likeliness of another move lower, the recent rally into $1.1908 does point towards the pair potentially bottoming out around Fibonacci support.

GBP/USD pulls back within consolidation phase

GBP/USD has found support on $1.3731 and resistance on $1.3888, with the pair clearly in consolidation mode of late.

The declines seen over the course of the Friday bring us back towards the 61.8% Fibonacci support level, although there is a good chance we see the price fall further over the coming days.

Ultimately we will need to see the price break out of this $1.7371 to $1.3888 consolidation zone to bring a signal of where we go from here.

AUD/USD find support after recent declines

AUD/USD has started to regain its footing after a decline into the confluence of horizontal and trendline support.

The pair has been an outperformer of late, highlighting the potential that AUD/USD will lead the way out of this current pullback.

However, we would need to see a break through $0.741 resistance to bring about a fresh bullish outlook or the pair. ​


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