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EUR/USD and GBP/USD move down as AUD/USD attempts to move higher

Early trading has hit EUR/USD once again, with more modest losses in GBP/USD. Meanwhile, the Aussie is attempting something of a recovery after recent weakness.

EUR/USD in full retreat

The steady decline continues here, as the EUR/USD pair makes a firm move towards levels not seen since the end of October.

Further declines bring $1.162 into view, with this morning’s lurch below the low of the past three sessions confirming the more bearish view. The break back below $1.19 last week provided the spark for this bearish move, and so far there appears to be little sign of any reversal in play at present.

GBP/USD struggles in early trading

Yesterday’s attempt to break above the 50-day simple moving average (SMA) at $1.3838 failed, and this has given the sellers the opportunity to reassert control over the GBP/USD pair and push it slightly lower in early trading.

Should yesterday’s peak form a lower high then further declines can be expected, bringing $1.366 into view again, and potentially resulting in a deeper decline.

AUD/USD edges up from lows

The AUD/USD pair continues the overall move lower, although it has rebounded to an extent from the lower low created last week.

The upward progression of late 2020 and early 2021 has come to an end for now, but if the price can clear trendline resistance from the February peak and push beyond $0.775 then a more bullish view begins to emerge. A failure to clear $0.77 leaves the sellers firmly in charge.

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