EUR/USD, GBP/USD and AUD/USD expected to reverse lower
EUR/USD, GBP/USD and AUD/USD likely to reverse lower after early dollar declines.
EUR/USD downtrend likely to persist despite early strength
EUR/USD is on the rise this morning, coming off the back of another bout of downside on Friday.
That continues the current intraday downtrend, with lower highs taking place time and time again. With that in mind, this current rise is likely to falter once more, while a break through the $1.1254 level is required to negate this outlook.
GBP/USD rebound provides another shorting opportunity
GBP/USD is similarly on the rise in early trade, coming off the back of a week of losses that took the pair into a fresh three-week low.
That bearish trend is likely to continue, with the pair already starting to show signs of weakness. As such, a bearish outlook is in play, with a break through the $1.2456 level required to negate this outlook.
AUD/USD rallies into Fibonacci resistance
AUD/USD has rebounded into the 61.8% Fibonacci resistance level this morning, with the pair starting to show signs of weakness.
Short-term declines highlight the potential for further weakness from here, with a bearish outlook in play unless we see a break through the $0.6911 level.
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