EUR/USD, GBP/USD and AUD/USD decline into key support

EUR/USD, GBP/USD and AUD/USD declines see key levels broken. Will this spark another bearish phase?

EUR/USD consolidates above critical breakdown level

EUR/USD broke below the $1.1097 support level yesterday, raising the chance of a wider bearish picture coming back into play for the pair.

We need to see a drop below the $1.1066 level to bring about a more confident bearish breakdown signal. Thus, it makes sense to watch for a potential break below that $1.1066 level to bring about a wider medium-term sell signal that tallies up with the long-term downtrend in play over the past two years.

GBP/USD turns higher from key support level

GBP/USD is starting to regain ground following a decline into the crucial $1.2954 support level.

A break the $1.2954-$1.2904 support zone would signal a wider bearish picture coming into play. However, with the price turning higher, there is a chance we will build on the rally through $1.3097 seen on Friday.

AUD/USD breaks below critical support level

AUD/USD has been breaking lower since Thursday’s peak, with the pair now slipping below the critical $0.6849 level.

Should we see the price maintain this breakdown, we would be looking at further downside to continue this bearish phase. Ultimately, we appear to have formed a head and shoulders formation over the past month, with further downside looking likely as a result.

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