EURUSD has again come under some serious selling pressure

<p>  EUR/USD Range: 1.3582 – 1.3672 Support: 1.3560 Resistance: 1.3710 EURUSD has again come under some serious selling pressure this morning, falling over 70 pips since opening and […]</p>

 

EURUSD

EUR/USD

Range: 1.3582 – 1.3672
Support: 1.3560
Resistance: 1.3710
EURUSD has again come under some serious selling pressure this morning, falling over 70 pips since opening and has been consolidating near the daily lows. The pair moved below 1.3600 to set a fresh 6 week low at 1.3591. The Euro’s breach of 1.3600 confirms a recent decline from last week’s high of 1.4283; and looks set to test 1.3560. Eurozone GDP is due this morning, and they are set to show that economic growth slowed in the third quarter.

 

 

GBPUSD

GBP/USD

Range: 11.6043 – 1.6132
Support: 1.5950
Resistance: 1.6180
After peaking at 1.6178 yesterday GBPUSD has fallen drastically through the 1.6100 level, and is currently trading near the 1.6050 area (2 day low). To retain a bullish outlook the 1.6050 area will need to hold and act as support. A break of these levels will open an extension towards 1.6020 and further to this below 1.6000. There is support noted just below the psychological barrier at 1.5990.

 

 

AUDUSD

AUD/USD

Range: 0.9850 – 1.0003
Support: 0.9800
Resistance: 1.0030
AUDUSD has also come under some serious selling pressure in the overnight trade. Factors contributing to the decline are obviously the risk aversion sentiment that is present within the market and also profit taking ahead of Fridays G20 communiqué. AUDUSD has traded as low as 0.9850 this morning (7 day low). The break through parity and then through 0.9900 obviously triggered a number of stops and has built up selling momentum on the way down.

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