EUR/USD, GBP/USD and AUD/USD pullback could ultimately represent buying opportunity
EUR/USD, GBP/USD and AUD/USD head lower, but could this just be a breather before the bulls come back into play?
EUR/USD slumps as we reverse recent gains
EUR/USD has built on the bearish breakdown seen last week, with another sharp selloff coming into play this morning. Coming off the back of a rally into the $1.1908 resistance level, we have seen the bears in charge ever since.
With the price starting to regain some ground in this current candle, there is a chance we move into another retracement phase for the near-term. However, we would need to see a break up through the $1.185 level the negate the bearish intraday picture.
Despite the likeliness of another move lower, the recent rally into $1.1908 does point towards the pair potentially bottoming out around Fibonacci support.
GBP/USD pulls back within consolidation phase
GBP/USD has found support on $1.3731 and resistance on $1.3888, with the pair clearly in consolidation mode of late.
The declines seen over the course of the Friday bring us back towards the 61.8% Fibonacci support level, although there is a good chance we see the price fall further over the coming days.
Ultimately we will need to see the price break out of this $1.7371 to $1.3888 consolidation zone to bring a signal of where we go from here.
AUD/USD find support after recent declines
AUD/USD has started to regain its footing after a decline into the confluence of horizontal and trendline support.
The pair has been an outperformer of late, highlighting the potential that AUD/USD will lead the way out of this current pullback.
However, we would need to see a break through $0.741 resistance to bring about a fresh bullish outlook or the pair.
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