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EUR/USD and AUD/USD fall into key support

EUR/USD and AUD/USD fall back into key support, with the reaction proving key to forthcoming sentiment.

Dollar Source: Bloomberg
Forex United States dollar EUR/USD AUD/USD Euro Australian dollar
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EUR/USD falls back into range support

EUR/USD has been on the back foot of late, with the pair dropping into the $1.1235 support level.

The price has been largely rangebound in the last three-weeks, and thus this support level does bring the possibility of a short-term rebound for the pair. A decline through the $1.1222 level would bring about a more bearish outlook.

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

AUD/USD at risk of bearish phase after recent decline

AUD/USD has similarly dropped back not key support, with the price trading around the notable $0.709 swing low.

While we have been in a positive position of late, this decline signals a potential end to that retracement phase. Thus watch out for whether we can recover from here or drop through support as a gauge of forthcoming sentiment.

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

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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. Clients can lose more than they deposit. All trading involves risk.

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