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

The euro has rallied, but remains stuck in a downtrend, while cable’s news-related bounce has stalled. 

EUR/USD bounce slows down

EUR/USD's bounce off the lows at $1.2250 appears to be running out of steam, with the downtrend from the February high still intact.

If a new lower high is created then we look to $1.2250 and then $1.2165 as downside targets.

GBP/USD rally struggles with barrier

News of a transition deal between the UK and EU prompted another rally here for GBP/USD, but for now the $1.4070 level remains a barrier.

Above this, $1.4145 comes into play. A turn lower would target $1.3943 and then $1.3836.

AUD/USD fails to hold constant rebound

There has been little sign of a sustained rebound here for AUD/USD, although the price continues to hold $0.7694.

If this breaks, then $0.7473 - $0.7519 come into view as potential areas of support, with $0.7654 along the way. Any rebound that fails to clear $0.7920 would still mark a higher low in the current downtrend. 

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.