Euro And Pound Strengthen Amid Sideways Trend
Dear Traders,
Both euro and British pound slightly recovered against the U.S. dollar at the beginning of this week. Yesterday’s upward movements contribute to keeping the current sideways trading range in both currency pairs EUR/USD and GBP/USD intact.
While we do not expect larger market swings in these final trading days we focus on the technical picture and its crucial support and resistance zones.
EUR/USD: The euro rose above 1.18 but rejected the 1.1835-level. We will now focus on a trading range between 1.1825 and 1.1750. If the euro breaks above 1.1825 we expect further gains towards 1.19. On the downside, we see current support levels at 1.1750 and 1.17.
The German IFO Index is scheduled for release at 9:00 UTC but this report is not expected to have a significant impact on the euro.
GBP/USD: The pound advanced and marked an intraday high at 1.3418. However, as long as we see the cable trading between 1.3475 and 1.3275 we will not pay much attention to the current price action.
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