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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

FX levels to watch –EUR/USD and GBP/USD

EUR/USD and GBP/USD are showing signs of bullishness, with near-term upside looking increasingly likely.

Euro notes

EUR/USD looks set for further upside

EUR/USD is attempting to break higher once again, following a wider pullback on the 22nd. The key to negating that break below the short-term swing low would be a rally up above $1.1880, which would secure a higher lower and higher high.

Beyond that, the $1.1902 level represents the next key resistance level to overcome. Alternately, a break back below $1.1846 would bring about a more neutral outlook.

EUR/USD price chart

GBP/USD attempting to break higher from triangle

GBP/USD is moving higher from a symmetrical triangle formation, with the price testing the $1.3398 resistance level. The ability to break through near term levels such as $1.3398 and $1.3420 are key in determining whether we are set for a period of upside from here.

Alternately, watch out for an hourly close below $1.3331 to bring about a more bearish outlook.

GBP/USD  price chart

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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.

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