The EUR/USD had a positive day on Thursday. The price continued with a recovery and was able to reverse a minor part of its losses. The pair extended its recovery on Friday. The euro tested 1.0600 post-Europe open. The resistance is seen at 1.0600, the support is at 1.0550.
We await a break above 1.0600 to trigger another leg higher. Buyers may lead prices to 1.0650.
The U.S. currency maintained control of the flows on Thursday. The pound traded range-bound to lower. The price declined from 1.2500 to 1.2430 where a downward impulse lost its strength. The pound opened the day on a positive sentiment. The GBP/USD pair bounced from yesterday's lowest point and slightly strengthened on Friday. The current resistance is seen at 1.2500, the support exists at 1.2400.
A break above 1.2500 will extend the current upward momentum. The price may strengthen to the 1.2600 level. A move lower will reinforces sellers who may drag prices to 1.2300.
The upward trend remained intact on Thursday. The price formed a higher high at 113.89. After touching the level the price bounced downwards and eased to 113.00 on Friday. The resistance is at 114.00, the support comes in at 113.00.
After breaking 113.00 the pair may extend its losses towards 112.00. Nevertheless, our near term outlook is bullish. The current decline we consider corrective.
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