EUR/USD struggles to bounce, while GBP/USD and AUD/USD fight to recover losses
EUR/USD’s putative rally is looking less healthy, while AUD/USD is trying to put in a meaningful bounce.
EUR/USD rally stuck in a rut
On Monday, EUR/USD saw a dip towards $1.104, which was met by buyers, but so far further upward progress has been lacking.
A push through $1.107 would mark a more bullish development, and target Friday’s peak at $1.11. A failure to hold above $1.103 would risk a move back towards the crucial $1.10 support area.
GBP/USD struggles to rebound from Monday losses
Yesterday’s steep dive unwound all the gains GBP/USD made at the end of last week.
However, the price was able to hold the $1.295 zone, and so there is still some hope of a rebound. Further losses would head towards $1.277, and unless the price can clear $1.304 the bearish view will continue to gather strength.
AUD/USD bounces from key support
AUD/USD is rebounding after once again hitting support at $0.668.
This strong level held three times in the second half of 2019, so we may see buying develop from here. The 29 January lower high, at $0.678, is the first target in any move higher. Below this, the financial crisis low at $0.627 is the next big area to look for support.
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