EUR/USD, GBP/USD and NZD/USD drop into support amid dollar resurgence
EUR/USD, GBP/USD and NZD/USD pull back into key support levels after the dollar finds support.
EUR/USD breaking lower after recent surge
EUR/USD is finally showing signs of a potential bearish turn, with the price breaking below trendline support this morning. With the price falling back into oversold territory, the question from here is whether we see the price break below the recent low of $1.1698.
Until that happens, we need to see how the pair responds to this 76.4% Fibonacci support level at $1.1748. With the stochastic heading back into oversold territory, we would need to see a break back up through that 20 threshold to bring about a more bullish signal here.
GBP/USD declines lead the pair into channel support
GBP/USD has declined into a confluence of channel and 50% Fibonacci support. The uptrend seen throughout the final week of July does still remain in play despite the downside that was seen either side of the weekend.
As such, there is a chance we could see the pair turn higher once more from here. Ultimately we would need to see a break back below the $1.2944 support level to negate this bullish trend.
NZD/USD pullback brings pair into key support level
NZD/USD has similarly seen significant downside to end last week, with the price falling back below trendline support.
However, the $0.6614 level provides a final hurdle if we are going to see the pair turn lower in a more significant manner. As such, ongoing sentiment will be driven by the ability to break or rebound from this $0.6614 level.
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