The pair is now grossly oversold in the short term. The euro continued to lose its value on Wednesday. Sellers led the price below 1.1070 towards 1.1000. The resistance is seen at 1.1050, the support stands at 1.1000.
We will keep selling the euro if the pair fixates below 1.1000. The EUR/USD may roll back to consolidate its gains. In this scenario, buyers will move the price towards 1.1050.
The GBP/USD opened on a stronger note yesterday. However, the recovery was short-lived and the price declined. Sellers pushed the price towards 1.2200. The current resistance is seen at 1.2300, the support exists at 1.2200.
The market preserved the bearish tone. If the downward pressure persists the GBP/USD will keep declining towards 1.2100. Otherwise, the price will return to 1.2300.
Technically, the main trend is up. The price traded at a fresh session high level. Buyers have finally broken the 104.00 level and trended towards 105.00. The resistance is at 105.00, the support comes in at 104.00.
If the price consolidates above the 104.00 level the pair will advance towards 105.00.
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