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.

FX levels to watch: EUR/USD, GBP/USD and AUD/USD

Dollar strength remains a key driver for markets, with EUR/USD, GBP/USD and AUD/USD weakness looking set to continue for now.

United States dollar GBP/USD AUD/USD Euro Pound sterling EUR/USD

EUR/USD declines further amid wider downtrend

EUR/USD has been selling off once more this week, with the recent rally into the 61.8% providing us with a bearish turn. That move conforms with the wider trend of lower highs and lows in place through 2019 thus far. This points towards a break below $1.1234 soon enough, with the continued creation of lower intraday highs providing us with a bearish outlook.

With that in mind, further downside looks likely, with a break through $1.1343 required to bring a more bullish view. Meanwhile, with the failure to break below $1.1289 this morning, there is a good chance we are going to post a deeper short-term rebound should we break through $1.131.

GBP/USD sell-off slows, with key resistance coming into play

GBP/USD has been regaining some composure overnight, as the sell-off slows to take the price back towards trendline resistance.

While that could be the defining factor which sends price lower once more, the key level to watch here is $1.3180, with a bearish outlook remaining in place unless we see a break through that swing high.

AUD/USD breaks below critical support level

AUD/USD fell below $0.7054 overnight, with a disappointing gross domestic product (GDP) figure driving the Australian dollar lower across the board.

Looking at the four-hour chart below, it is clear that we have broken out of a topping pattern, with further downside expected from here. That conforms with the wider bearish trend in place for the pair. As such, while we could see some form of short-term rebound at some point, a bearish outlook is in play unless we break through $0.7092.

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