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EUR/USD outperforms, as GBP/USD and AUD/USD continue declines

EUR/USD is the outperformer, with GBP/USD and AUD/USD looking set to fall further.

​EUR/USD rallies into retracement zone

The EUR/USD rally has continued apace, as traders consider the potential for Federal Reserve (Fed) action in response to the coronavirus crisis. This has taken us into the 61.8%-76.4% Fibonacci zone, set within a downtrend.

Given that wider downtrend, there is a chance we will start to turn lower before long. With that in mind, the reaction or lack of reaction around the 76.4% level ($1.1021) will be crucial here as we judge whether we are heading for a break through $1.1096 or not.

GBP/USD pausing after Fibonacci breakdown

GBP/USD has been on the back foot, with fears over a no-deal Brexit pathway dragging the pound lower. The recent rally into the 76.4% resistance level ultimately resulted in a drop below $1.2887 to continue the wider bearish theme.

With that in mind, further downside looks likely for a move back below $1.2849. This bearish outlook remains in play unless we break through the recent $1.3018 peak.

AUD/USD continues its recent downtrend

AUD/USD has been on the slide, with the price heading lower yet again this morning. Coming off the back of an inside trendline, it is worthwhile following that line as a point of resistance.

With that in mind, any short-term gains are perceived as a selling opportunity. A bearish outlook is in play unless we break through the recent $0.6592 swing high.

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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