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

The euro has rallied, but remains stuck in a downtrend, while cable’s news-related bounce has stalled.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2018-03-20T09:24:41+0000

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EUR/USD bounce slows down

EUR/USD's bounce off the lows at $1.2250 appears to be running out of steam, with the downtrend from the February high still intact.

If a new lower high is created then we look to $1.2250 and then $1.2165 as downside targets.

EUR/USD chart

EUR/USD chart

GBP/USD rally struggles with barrier

News of a transition deal between the UK and EU prompted another rally here for GBP/USD, but for now the $1.4070 level remains a barrier.

Above this, $1.4145 comes into play. A turn lower would target $1.3943 and then $1.3836.

GBP/USD chart

GBP/USD chart

AUD/USD fails to hold constant rebound

There has been little sign of a sustained rebound here for AUD/USD, although the price continues to hold $0.7694.

If this breaks, then $0.7473 - $0.7519 come into view as potential areas of support, with $0.7654 along the way. Any rebound that fails to clear $0.7920 would still mark a higher low in the current downtrend.

AUD/USD chart

AUD/USD chart

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