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

The dollar’s bounce is gathering pace, although for several key pairs it may just be a buying opportunity.

All trading involves risk. Losses can exceed deposits.

EUR/USD signaling a potential buying opportunity

The price for EUR/USD continues to hold its ground above the $1.2323 level, the high from mid-January.

A turn higher would bring $1.25 back into play, while below this, $1.2165 and then $1.2089 are possible areas of support. The direction of travel is still higher, so current price action looks more like a buying opportunity than a sign of further weakness.

EUR/USD price chart

GBP/USD new higher lows being created

The dramatic pullback from the month highs for GBP/USD continues.

For now, the current movement looks like the creation of a new higher low, and thus a buying opportunity. Below $1.3943, the price would head towards $1.3740, and then $1.3613.

GBP/USD price chart

AUD/USD retesting the recent highs

The uptrend goes on here for AUD/USD, with a new higher low being created.

A move below the 50-period simple moving average (SMA) to $0.8005 would suggest the uptrend is weakening, but for now it looks like a retest of the recent highs is in play. 

AUD/USD price chart

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