Greenback Holds Rally, EUR/USD And GBP/USD Approach Oversold Territory

The greenback held its rally in the wake of high inflation and tensions between Russia and Ukraine. The GBP/USD trended lower toward 1.3350 and as long as the cable remains below 1.35, a test of the lower target at 1.33 is likely.

EUR/USD – Technical view:

We got what we have been looking for. A fresh leg down targeting at 1.14. However, the pair remains oversold and we anticipate near-term corrections, provided that 1.14 holds. A resistance is now seen at 1.15.

Elsewhere, the DAX was able to generate fresh highs beyond 16100 bringing the focus back to a potential run for 16400. Bulls will have hopes for near-term upward movements as long as the index remains above the crucial 16000-support.

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