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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

​​EUR/USD consolidates as EUR/GBP and AUD/USD rally

​​Outlook on EUR/USD, EUR/GBP and AUD/USD amid slowing UK inflation and unchanged Australian jobless claims.

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​​​EUR/USD falters slightly below the mid-February 2022 low at $1.128

EUR/USD ran out of steam slightly below its mid-February 2022 low at $1.128 and is currently consolidating with a slightly bearish bias. Were a drop through Wednesday’s low at $1.1175 to occur, a further slip towards the April peak at $1.1095 may ensue.

​Above this week’s current high at $1.1275 lie the 61.8% Fibonacci retracement of the 2020-to-2022 bear market and the mid-February 2022 low at $1.128. Between this level and the $1.13 mark the currency pair may once more struggle, however.

​If not, the late-February 2022 highs between $1.139 to $1.1396 could be reached.

EUR/USD chart Source: IT-Finance.com
EUR/USD chart Source: IT-Finance.com

​EUR/GBP rallies to six-week highs

EUR/GBP's recovery from its £0.8504 current July low, last traded in August 2022, has now taken it to above the April-to-July downtrend line to a six-week high at £0.8701 as UK inflation slowed more-than-expected to 7.9% in June and rate hike expectations diminished.

​If a daily chart close above £0.8701 were to be made, the 200-day simple moving average (SMA) at £0.8730 would be next in line.

​Support comes in around the £0.8658 late-June high. Further minor support sits between the 5 and 22 June highs at $0.8636.

EUR/GBP chart Source: IT-Finance.com
EUR/GBP chart Source: IT-Finance.com

​AUD/USD recovers as Australia’s jobless rate remains unchanged

AUD/USD recovered from Wednesday’s $0.6751 low as Australia’s jobless rate remains unchanged at 3.5% in June, remaining close to last October’s 50-year lows, and below market expectations of 3.6%.

​The cross is now revisiting its $0.6818 May peak, an advance above which could open the way for the June and current July highs at $0.6894 to $0.6899 to be retested.

​Slips should find support along the July support line at $0.6768 below which lies Wednesday’s $0.6751 low.

AUD/USD chart Source: IT-Finance.com
AUD/USD chart Source: IT-Finance.com

This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa 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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