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Spread bets and 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 spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

EUR/USD, GBP/USD and AUD/USD retracements bring potential long opportunity

EUR/USD, GBP/USD, and AUD/USD decline into deep retracement, with wider uptrend highlighting likely impending rebound.

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EUR/USD attempting to regain ground after recent declines

EUR/USD has been attempting to form a bottom over recent trading days, with the decline seen in the first few days of September looking like a retracement phase before we head higher once again.

Given the uptrend in play, we would need to see a breakdown below the $1.1754 support level to negate that bullish outlook. However, with the pair still struggling to break from this short-term consolidation phase, a rise through the $1.1865 level would bring about a more reliable bullish signal.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD declines likely to bring further upside

GBP/USD has been on the slide over the past week, with the pair dropping into a deep retracement of the late-August rally.

With the price having moved back down within striking distance of the 76.4% Fibonacci level, there is a good chance we will soon see the pair turn higher once again to continue the wider uptrend. As such, a bullish outlook is in play unless we see a break back below the $1.3053 level.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

AUD/USD pauses after Friday's spike

AUD/USD looks to be showing signs of a more bullish phase coming into play, with Friday finally seeing some buying pressure after a week of declines.

The wider trend of higher lows does signal how this current pullback is likely to be a retracement of the rally from $0.7136. With that in mind, this current pullback is likely to be a precursor to another bullish move, where a break below that $0.7136 level would signal an end to this bullish wider trend.

AUD/USD chart Source: ProRealTime
AUD/USD chart Source: ProRealTime

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