EUR/USD: If 1.10 Holds, Bulls May Gain Control
Welcome to a new trading week which is very light in terms of market moving data releases. This, however, doesn’t mean that we will not see any profitable moves in the coming days. The focus will continue to revolve around developments between Russia and Ukraine.
The euro rose last week against other counterparts on hopes for a ceasefire between Russia and Ukraine. The rebound in risk appetite sent the EUR/USD pair towards 1.1137 last Thursday before bulls took a breather.
EUR/USD – Bullish bias above 1.10
As long as the euro holds above 1.10, we will focus on the upper boundary of an ascending triangle at 1.1150. If the currency pair breaks above 1.1160, we could see a run for 1.14. On the downside however, if 1.10 breaks, we will shift our focus again to lower targets at 1.09 and 1.0750.
GBP/USD – 1.32, a crucial resistance
If sterling bulls are able to push the pair above 1.3210, we could possibly see a rebound towards 1.3350. If the current resistance zone remains however intact, we will focus on a break below 1.3080 in order to sell sterling towards 1.2950.
Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.
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