EUR/USD, GBP/USD and AUD/USD consolidate ahead of next move

EUR/USD, GBP/USD and AUD/USD consolidate, with the euro looking likeliest to underperform.

​EUR/USD drifts lower as downtrend continues

EUR/USD has been continuing its recent downtrend, with price moving back towards the $1.0827 lows from last Friday.

We have seen precious few signs that this trend is about to come to an end, and thus a bearish outlook remains in play. A rise through the recent high of $1.0861 would bring the potential for a more bullish outlook.

GBP/USD consolidates after recent gains

GBP/USD has been outperforming over the past week, with the pair moving into $1.307 resistance on Thursday. However, we are seeing that resistance level hold for now, as the price consolidates and eases back somewhat.

A break through that resistance point would bring a renewed bullish outlook, yet further short-term downside does look likely until that happens.

AUD/USD regaining ground after recent consolidation

AUD/USD is on the rise, following a period of consolidation that has seen the price tighten above the $0.671 support level. With the price tentatively rising through $0.6731, there is the potential for another leg higher from here.

However, it makes sense to await a more complete break through that level to start expecting any decent surge from here. Until then, the recent consolidation zone of $0.671-$0.6731 remains in play and thus short-term downside looks likely. ​

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