FX levels to watch – EUR/USD, GBP/USD, NZD/USD

A pivotal time for EUR/USD, GBP/USD, and NZD/USD provides us with a crucial day of trading to set up the week.

GBP notes
Source: Bloomberg

EUR/USD continues to respect trendline resistance

EUR/USD remains within a falling wedge pattern, with the price moving lower from trendline resistance this morning. While this is a bullish pattern, we would need to see an hourly close above $1.1790 to restore the bullish outlook.

Until then, there is a chance we could see further short-term downside, with the $1.1715, $1.1689, and $1.1662 support levels coming into view.

GBP/USD continues sideways consolidation

GBP/USD remains within a range bound trading environment, with the price trading largely within the $1.2841-$1.2909 levels for much of the last week.

On one side, we have a clear downtrend in play over the past three weeks. However, it is worth noting that there is a major support level within close proximity, at $1.2811. For now, it makes sense to play the range, with short-term upside looking likely, where trendline resistance would subsequently come into play at the range top. 

NZD/USD triangle to set tone for the week

NZD/USD managed to break to a new higher high last week, pushing through the $0.7328 mark. That portrays this move as a potential reversal higher, with an hourly close above $0.7335 required to provide a bullish outlook for the week.

Alternately, an hourly close below $0.7276 would provide a more bearish view for the coming days.

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