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

The dollar rally has eased off, but sterling is still struggling following a dovish BoE meeting.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2018-05-11T09:42:32+0100

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EUR/USD rebounds

EUR/USD has finally managed to rebound, but it has given back some of its gains from yesterday.

A failure to push on above $1.1950 would signal that the sellers are back in charge, and would target $1.1820 and then down to $1.1717.

EUR/USD chart

EUR/USD chart

EUR/USD chart

GBP/USD unable to break out of range

The increased volatility of yesterday resulted in GBP/USD ending up where it started, still unable to break out of its $1.3480-$1.36 range.

A break of this is still required to indicate the next direction. However, the continued price action above $1.35 might suggest a rebound is in play, at least in the short term.

GBP/USD chart

GBP/USD chart

GBP/USD chart

AUD/USD may rebound

The substantial rally yesterday has raised hopes of a rebound for AUD/USD, but it needs to clear $0.7560.

Above here, $0.7650 comes into play, while a turn lower targets $0.7470 and Wednesday’s low at $0.7410.

AUD/USD chart

AUD/USD chart

AUD/USD chart

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