EUR/USD, GBP/USD and AUD/USD expected to reverse lower after retracement
EUR/USD, GBP/USD, and AUD/USD look likely to head lower following a period of counter-trend gains.
EUR/USD grinds lower after brief ECB pop
EUR/USD managed to pop into a brief 76.4% retracement after yesterday’s European Central Bank (ECB) meeting, providing a fresh selling opportunity for those with a keen eye.
The downtrend does still remain intact despite that brief spike, with the price falling short of the key $1.1851 swing-high. With that in mind, further downside looks likely from here. A break up through the $1.1851 level would be required to negate that bearish view.
GBP/USD rolling over after upward retracement
GBP/USD is on the back foot this morning, with the pair looking at risk after a period of gains seen throughout Wednesday and Thursday.
The downtrend remains in play unless price breaks up through the $1.391 level. As such, there is a good chance we see the bears come back into play following this 61.8% Fibonacci retracement.
AUD/USD weakening from trendline resistance
AUD/USD has similarly been trying to regain ground of late, with price rising into a somewhat mid-sized retracement level.
Despite that, we have seen a move into a descending trendline, which does highlight the potential to move lower once again here. There is a good chance that we will see the bears come back into play here, with any short-term upside perceived as a retracement unless the price rises through the $0.7503 swing-high.
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