The euro remained in the red on Monday. However, the EUR/USD pair was able to reverse some losses after meeting a barrier around 1.0550. The price bounced off the level and headed upwards breaking 1.0550 and 1.0600. The resistance is seen at 1.0650, the support stands at 1.0600.
If the price remains above 1.0600 the pair will extend its gains towards 1.0550. A return below 1.0600 would generate negative signal and risk further easing towards 1.0500.
The sterling was in a buy mode yesterday. The pair GBP/USD jumped to a fresh weekly high at 1.2670. Traders broke 1.2600 on their way upwards. The 1.2650 mark appeared to be a solid obstacle which held bulls’ impetus. The current resistance is seen at 1.2700, the support lies at 1.2600.
The pound could gain momentum, if it recovers above the 1.2650 area. We see 1.2700 as the next intraday resistance and probable bullish target. As an alternative scenario we will sell if GBP/USD gets below 1.26.
The pair had a negative day on Monday. The price gave up its recent high and stepped back to 115.00. The resistance is at 116.00, the support comes in at 115.00.
If the price remains above 115.00 the upbeat tone will persist towards 116.00 and 117.00. A failure to hold above the level will suggest a new wave of weakness towards 114.00.
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