Technical Overview of EUR/USD and GBP/USD Currency Pair

EUR USD

EUR traded higher against USD and closed at 1.0830.

  • EUR/USD Futures: Downside losing momentum.
  • Net short positions in EUR/USD have reached the highest level in 35 months. 
  • The path of least resistance is to the downside, but signs of risk reset may yield a minor bounce.
  • EUR/USD: Speculators are their most net short since June 2019
  • The bearish sentiment around the EUR/USD pair is currently at its strongest in eight months. 
  • EUR/USD: A bottom looks closer – UOB – “We expected EUR to ‘weaken further’ last Friday but were of the view ‘oversold conditions could limit any decline to a probe of the major 1.0810 support’. While EUR weaken as expected, it only touched a low of 1.0826. 

According to the Analysis, pair is expected to find support at 1.0836 and a fall through could take it to the next support level of 1.0833. The pair is expected to find its first resistance at 1.0844, and a rise through could take it to the next resistance level of 1.0847.

GBP USD

GBP traded lower against USD and closed at 1.3046.

GBP/USD awaits Brexit clues to stay above 1.3000 after Friday’s

GBP/USD stays modestly weak around 1.3045/50 while heading into the London open on Monday. While pessimism surrounding the upcoming Brexit talks has been weighing over the pair, US dollar pullback and an absence of major catalysts keep the traders calm off-late.

The UK diplomats continue to ignore the global events and raise speculations of being introvert after Brexit.

According to the Analysis, pair is expected to find support at 1.3039 and a fall through could take it to the next support level of 1.3035. The pair is expected to find its first resistance at 1.3055 and a rise through could take it to the next resistance level of 1.3059.

For More information about the release time of news and its impact visit Economic Calendar Page!

Author: Mark Burg