CFDs are complex instruments. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money. CFDs are complex instruments. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

EUR/USD continues to outperform GBP/USD and AUD/USD

EUR/USD continues to outperform, with GBP/USD and AUD/USD heading lower yet again.

​EUR/USD rallies towards channel resistance

EUR/USD has been on a surge over the past two weeks, with the pair rising back into the $1.1096 resistance level. The wider perspective shown on the daily chart highlights how we remain within a wider descending channel, with the price having moved past the 61.8% Fibonacci level.

This therefore signals a likely move towards the 76.4% level, with questions asked around those upper levels of this standard deviation channel. With this in mind, watch out for a bearish reversal signals in the intraday charts for a sign that this resurgence is set to come to an end. A break through $1.1239 will ultimately be needed to negate this wider bearish trend.

GBP/USD heading lower after brief respite

GBP/USD has been declining throughout much of the past week, with the pair hitting a four-month low on Friday. The rise seen since that low appears to have been short-lived, with the price turning lower again this morning.

As such, further downside looks likely from here, with a break through the $1.292 level providing a tentative sign that this current decline could slow or come to an end.

AUD/USD rally brings potential shorting opportunity

AUD/USD has managed to regain ground this morning, following a period of declines that took the pair into a 11-year low on Friday. While this rally has taken the pair through the 76.4% Fibonacci retracement level, the downtrend remains intact.

The inside trendline seen throughout the past month provides a potential turning point which has been respected thus far. With that in mind, bearish positions are preferred around this deep retracement, with a break through the $0.6592 level required to negate the current bearish outlook.​

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