EUR/USD and EUR/GBP Price, News and Analysis:
- EUR/USD short-term reversal forming.
- EUR/GBP looking to consolidate a new range.
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EUR/USD Looking to Fade Lower
EUR/USD is struggling to hold recent gains after Thursday’s sell-off candle reversed lower and paused recent bullish sentiment. The pair have now started a series of lower highs and if EUR/USD trades below 1.1241 today, then a series of lower lows will also have been initiated. Wednesday’s multi-month high at 1.1424 may stay unchallenged in the short-term unless the US dollar continues to sell-off. Initial support off the 61.8% Fib retracement at 1.1167 before the 20-dma at 1.1148.
EUR/USD Daily Price Chart (November 2019 – June 12, 2020)
EUR/GBP Looking to Set a New Range
EUR/GBP remains a range-trade with prior resistance at 0.8865 now turned to support. This level has been tested and rejected three times in the last month and continues to provoke a bullish reaction. Guarding this support is the 50% Fib retracement at 0.8891. To the upside there are a cluster of recent highs between 0.9008 and 0.9018 which should hold for now, before the 38.2% Fib retracement at 0.9035 comes into focus. Both currencies look weak on their own and if this continues then EUR/GBP will likely remain range-bound for the near-future.
EUR/GBP Daily Price Chart (2019 – June 12, 2020)
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