This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
Euro Supported by the Major Trend Line
The common currency broke past the initial, steeper trend line. But it is finding support near the confluence of the major trend line and the horizontal support level. The price level near 1.1100 remains strong for the moment.As long as this holds, we could expect some upside in prices.
However, the upper resistance level near 1.1200 comes into question. Alternatively, a break down below 1.1100 and the trend line will trigger further declines. We expect the older support at 1.0958 to then come into the picture eventually.
GBPUSD Completes the Descending Triangle Pattern
GBPUSD fell to October 2019 lows near 1.2200. Price action is looking somewhat alive at this support. We expect that following the strong sell-off, the pound sterling will be retracing some of the losses.
But, for the near term, price action could remain range-bound. The upper price area at 1.2582 comes into the picture and GBPUSD could hold this corridor for the near term.
To keep reading this article, please navigate to: Orbex Forex Trading Blog.