The EUR/USD extended its upside impulse on Monday. The pair gapped upwards at the open and reached 1.0800 ahead of the European session. The level did not stop buyers who pushed the spot higher afterwards. The pair was growing the whole day and reached 1.0900 in the NY session. The resistance is seen at 1.0900, the support stands at 1.0850.
We believe the pair is likely to move upwards in the short-term. If a bullish tone persists we expect a breakout of the level 1.0900. The level 1.0950 is the next buyers’ target.
The bullish market structure remained in place on Monday. The pound had a positive start to the day. The pair pushed away from 1.2500 in the Asian session and was rallying towards 1.2600 afterwards. The major reached the hurdle ahead of the NA opening. The current resistance is seen at 1.2600, the support exists at 1.2500.
Upward trading is expected to continue. In this scenario the pound may break above 1.2600 in the coming sessions.
The bearish scenario prevailed on Monday. Sellers were leading the price from 111.00 to 110.00 the whole day. The major met a barrier at 110.00 in the NA session and lost its bearish momentum afterwards. The level rejected the pair which pulled back reversing some daily losses. The resistance exists at the level 111.00, the support comes in at 110.00
If a downward pressure persists the price will break 110.00 heading towards 109.00.
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