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Rising US yields have bolstered the dollar, sending EUR/USD, GBP/USD and AUD/USD all downward.
The drop below $1.15 sends a bearish signal for EUR/USD, indicating that we may well see fresh declines.
A rebound towards $1.16 is possible, but any rally that fails to move above yesterday’s swing high is likely another selling opportunity. Further declines target $1.13.
Rallies have been sold into over the past two weeks, so any move that fails to recover $1.3030 would still be another selling opportunity for GBP/USD.
Below $1.2923, the price will target $1.2773 and then $1.2635.
The downtrend continues here for AUD/USD, a lower high at $0.73 having worked out beautifully for the bears.
The price is currently testing the $0.7484 low from mid-September, and further declines below this bring $0.6973 and then $0.6828 into play.
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