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.

FX levels to watch: EUR/USD, GBP/USD and NZD/USD

EUR/USD, GBP/USD and NZD/USD all look at risk of a potential period of weakness, with key support levels standing in the way of a clear bearish outlook.

EUR/USD starts to turn lower once again

EUR/USD is turning lower again this morning, following on from an upward retracement yesterday. The bearish trajectory seen throughout the past week points towards the potential for further period of weakness to come.

However, looking at the wider picture, a break through the $1.1419 resistance level would point towards this current move lower being a retracement before we move higher once again. With the price having moved higher from the 61.8% retracement, a rise through $1.1331 would provide a bullish outlook for the pair.

GBP/USD trendline could give way to another round of losses

GBP/USD has been consolidating over the start of this week, with the price respecting a short-term trendline support.

The creation of lower highs and higher lows points towards a lack of directional conviction and overall consolidation. As such, look out for a break below $1.3159 as a short-term sell signal. A break above $1.3246 would signal a potential impending period of upside to continue the wider multi-month higher highs.

NZD/USD turning lower from key resistance zone

NZD/USD has once again respected an area of resistance around the $0.6942-$0.6969 region.

Given the failure to rally up above that zone last week, this current period of weakness could be the beginning of a downward phase for the pair. Watch out for whether we see a break below trendline and $0.6865 support to point towards a wider period of downside to come.

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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