Connect with us

Hi, what are you looking for?

Trading Secrets

EURUSD and GBPUSD: EURUSD remains below 1.05700 level

EURUSD and GBPUSD: EURUSD remains below 1.05700 level

On Tuesday, we saw the formation of a new high for EURUSD at the 1.06946 level. This week’s bullish rally GBPUSD was stopped at the 1.22888 level.

EURUSD chart analysis

On Tuesday, we saw the formation of a new high for EURUSD at the 1.06946 level. At that level, the euro encounters resistance and begins to retreat, first below 1.06000, then below 1.05500. The fall was stopped yesterday at the 1.05218 support level. This level coincides with last week’s support level. After that, the pair starts a bullish consolidation and recovers to 1.05700.

There, we encounter resistance, and EURUSD makes a bearish impulse and retreats to the 1.05540 level. We are again facing the previous low. A new visit to that zone could produce a breakout below and the formation of a new low. Potential lower targets are 1.05100 and 1.05000 levels. For a bullish option, we need a break below the 1.05800 level. Thus, we would move above the EMA50 moving average and get its support. Potential higher targets are 1.06000 and 1.06200 levels.

GBPUSD chart analysis

This week’s bullish rally GBPUSD was stopped at the 1.22888 level. There, we encounter resistance, and the pair begins to retreat. In the first few hours, the pound dropped to the 1.21600 level and tried to get the first support there. It failed to do so, and the pullback continued below 1.21000, forming a new three-week low at the 1.20695 level.

After that, we see a consolidation in that zone that created a bullish impulse and triggered a bullish option. This consolidation moved us to the 1.21400 resistance level. We need a break above to continue further to the bullish side. Potential higher targets are 1.21600 and 1.21800 levels.

Additional resistance in the zone around 1.21600 is the EMA50 moving average. We need a negative consolidation and pullback to the previous low at the 1.20695 level for a bearish option. Potential lower targets are 1.20600 and 1.20400 levels.

The post EURUSD and GBPUSD: EURUSD remains below 1.05700 level appeared first on FinanceBrokerage.

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Trading Secrets

    What is the marginal rate of substitution and its formula? Key Takeaways: Trade-offs and Satisfaction: MRS shows the trade-offs consumers are willing to make...

    Trading Life

    Laura Wong Hon Chan is an interest rate options trader, who is currently a director at Bank of America Merrill Lynch in New York....

    Trading Secrets

    In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews what’s driving the markets higher and what to be on the lookout...

    Trading Secrets

    Maximizing Profits in Forex with the XMaster Formula Indicator Key Takeaways: XMaster Formula Indicator is a reliable and accurate tool for Forex traders to...