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​EUR/USD, GBP/USD and AUD/USD trading around critical support

EUR/USD and AUD/USD continue their decline, with GBP/USD attempting to hold up around key support.

​EUR/USD heads towards critical $1.1066 support level

EUR/USD managed to break the $1.1097 support level on Monday, ramping up expectations of a wider bearish picture coming back into play.

However, we have been waiting for a break below the $1.1066 level to bring confirmation of that bearish view. With the price heading into that level, watch for whether we can break it to gauge sentiment going forward.

GBP/USD manages to keep its head above water

GBP/USD just about managed to remain above the $1.2954 support level this week, maintaining a potential bullish resurgence story. Given the recent rise in rate-cut expectations, this weakness may not be over yet.

However, with the price having broken through the $1.3097 level on Friday, there is a potential for the pair to rebound once again and start building a base. A decline below $1.2954 would negate that and provide a continuation signal in this recent sell-off.

AUD/USD breaks critical $0.6838 support level

AUD/USD has followed up the $0.6849 break with a decline below the critical $0.6838 low from mid-December.

That breakdown provides us with a more confident bearish outlook, which signals a likely extension of the downtrend that has been in play for almost two years. As such, further downside looks likely, with any rebound likely to be a short-term retracement of the decline from $0.6934.

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.

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