The U.S. dollar advanced against other major currency pairs on Monday and short traders were able to take some profits.
EUR/USD: As anticipated in yesterday’s analysis, the euro broke out of its narrow trading range and slid towards its lower support at 1.2050. For more bearish action we will need to see a drop below 1.2040. A short-term resistance is now seen at around 1.21.
GBP/USD: The British pound slid below 1.3660 but that short-lived dip was not enough to invigorate fresh bearish momentum. In case of a break below 1.3650 we see a next lower target at 1.3620. If the cable holds above 1.3660, traders should anticipate upward swings towards 1.3760.
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