EUR/USD, GBP/USD and AUD/USD at risk after decline towards key support
EUR/USD, GBP/USD, and AUD/USD decline towards key support, with bullish outlook coming into question.
EUR/USD drops back into key support after recent gains
EUR/USD looks to be turning a corner following a period of strength, with the rise into a deep retracement potentially coming to an end here.
A break below the $1.1725 swing low would solidify that bearish reversal signal, pointing towards a continuation of the bearish pathway seen since the 1 September peak. As such, while we have a bearish outlook in play unless the $1.1917 level is broken, a move below $1.1725 would solidity the bearish signal following a decline through trendline support yesterday.
GBP/USD decline could see bears come back into play
GBP/USD has been on the slide since Monday's peak, with the pair heading back towards the key $1.2845 support level today.
The short-term uptrend seen throughout the three weeks to Monday looks to possibly come to an end should the price fall below the $1.2845 level. As such, there is still a chance of a bullish continuation of that trend, but this decline is increasingly likely to end that bullish bias. With that in mind, watch for a break below $1.2845 to bring a more bearish outlook for the pair.
AUD/USD declines into Fibonacci support
AUD/USD has similarly seen significant downside over the start of the week, with the pair turning lower since Monday's high.
This has taken us back into the 61.8% Fibonacci support level at $0.7152. With a trend of higher highs and lows still in play, the bullish bias still remains unless we see a break below the $0.7096 swing low.
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