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EUR/USD, GBP/USD and AUD/USD ease back on dollar strength

EUR/USD, GBP/USD, and AUD/USD head lower, with the dollar gaining ground off haven demand.

EUR/USD drifts lower after recent rally

EUR/USD has started to drift lower since Friday’s peak of $1.1804, with the pair taking a breather from a recovery phase. The pair looks likely to rise towards the deeper Fibonacci retracement levels of $1.1831-$1.1861.

With that in mind, the current pullback looks like a potential precursor to the pair heading higher once again. A break below the $1.1704 level would be required to bring a bearish continuation signal back into play.

GBP/USD falls back into support

GBP/USD failed to overcome the $1.3888 resistance level yesterday, with the recent downtrend thus remaining intact.

A break up through that level would bring about a more bullish picture once again. Until then, the $1.3791 support levels comes into play here, with a decline through this level bringing about a bearish continuation signal.

AUD/USD tumbles into fresh eight-month low

AUD/USD has been on the back foot overnight, with the Reserve Bank of Australia (RBA) preparing to hold off on tapering in the face of lockdown restrictions.

The break below $0.7289 points towards a potential push lower from here, with a bearish outlook in play unless we see a break up through the $0.7381 swing high.

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