If you recently bought euros against the U.S. dollar, you were exactly right and produced most probably solid black figures. We were able to turn in a good profit thanks to the solid performance of the euro. The euro rose to a fresh high of 1.1583 but the fact that a next crucial resistance zone soars around 1.16-1.1625 could limit further gains which is why the euro’s uptrend could now begin to lose momentum. However, euro bulls might tend to test that resistance before taking profit but we now anticipate a higher likelihood for a steeper correction in the EUR/USD. We expect next short-term supports at 1.1515 and 1.1480 followed by a more meaningful support area around 1.14.
The British pound came under increased selling pressure after U.K. inflation came in below expectations. The short-lived break above 1.3120 finally proved as false break-out as it happened before inflation figures were due for release. We now expect GBP/USD to trade between 1.3080 and 1.2960 but if the pound climbs again above 1.3115, we may see another leg up targeting at 1.32.
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