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EUR/USD and AUD/USD fall into key support

EUR/USD and AUD/USD fall back into key support, with the reaction proving key to forthcoming sentiment.

Dollar Source: Bloomberg

EUR/USD falls back into range support

EUR/USD has been on the back foot of late, with the pair dropping into the $1.1235 support level.

The price has been largely rangebound in the last three-weeks, and thus this support level does bring the possibility of a short-term rebound for the pair. A decline through the $1.1222 level would bring about a more bearish outlook.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

AUD/USD at risk of bearish phase after recent decline

AUD/USD has similarly dropped back not key support, with the price trading around the notable $0.709 swing low.

While we have been in a positive position of late, this decline signals a potential end to that retracement phase. Thus watch out for whether we can recover from here or drop through support as a gauge of forthcoming sentiment.

AUD/USD chart Source: ProRealTime
AUD/USD chart Source: ProRealTime

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