EUR Remains Within Bearish Channel, Although Near-Term Momentum Bullish

We take a look at the daily chart of EUR/USD, GBP/USD and AUD/USD to highlight key levels for the week ahead.

EUR/USD Daily

  • The Euro remains within a bearish channel, although near-term momentum is bullish.
  • A reversal back above 1.13 marks a bear-trap at the lows.
  • A break of the channel brings the 1.1500 high into focus.

EURUSD Daily

GBP/USD Daily

  • Cable could be in for another volatile week surrounding Brexit developments.
  • Despite negative sentiment, GBP is holding above this year’s low.
  • The 100-day MA’s and spinning top Doji around 1.3072 marks a counter-trend target in the event of a positive surprise.

GBPUSD Chart

AUD/USD Daily

  • A bullish trend is forming since breaking out of a bearish channel.
  • The Aussie is carving out an inverse head and shoulders reversal which projects a target around 0.76.
  • The 0.7453/84 zone could provide interim resistance.

AUDUSD Daily Chart

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