FX levels to watch: EUR/USD, GBP/USD and NZD/USD
Dollar strength sends EUR/USD, GBP/USD, and NZD/USD lower, with crucial support levels in sight.
EUR/USD breakdown looks likely to continue
EUR/USD has been consolidating off the back of a Fibonacci breakdown, with the ascending triangle formation looking likely to give way to further downside.
Watch for a break below $1.1220 as a signal of an impending short-term sell-off in the pair.
GBP/USD breaks towards crucial support level
GBP/USD has continued its downside momentum, with the pair moving into a crucial $1.3004 support level. Given the creation of lower highs over the past two months, a break below this level would provide a more bearish outlook for the pair.
However, be aware that the importance of this level raises the chance of a possible rebound, with traders keeping an eye out for today’s meaningful vote as a driver of market direction.
NZD/USD declines into deep retracement
NZD/USD has been slowing its ascent since the sharp decline back on Wednesday.
The ability to stay above $0.6745 is key here, with a break below that level providing a wider bearish outlook for the pair. Until then, there is a chance the trend of higher lows will kick in once again. Watch for a break through the $0.6828 swing high to confirm a bullish outlook.
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