EUR/USD, GBP/USD and EUR/GBP Forecast – US Dollar Gains Early on Friday

EUR/USD Technical Analysis

The euro fell a bit during the trading session on Friday, as we have found resistance at the crucial 50-day EMA right along with a downtrend line. Ultimately, I think this is a market that probably goes back and forth in this area, but if we can break down below the 1.15 level, then we could drop to the 1.14 level.

The 1.14 level is a large, round, psychologically significant figure. And of course, the 200-day EMA being there does not necessarily work against the idea of a floor. If we were to break down below 1.14, then I think we would go look into the 1.11 level. I don’t really have any interest in buying the euro at the moment, at least.

GBP/USD Technical Analysis

The British pound has fallen a bit during the trading session on Friday, but it does look like it’s trying to find a little bit of support at the 1.32 level. It is worth noting that we stalled right at the 50-day EMA and the 200-day EMA indicator on Thursday. So, a lot is going on here. We’ll see if the downward trajectory continues. Right now, I’m still a bit bearish, although we may find ourselves trying to form some type of range in the short term.

EUR/GBP Technical Analysis

The euro has shown itself to be slightly negative. After initially rallying against the British pound during Friday’s trading session, we are sitting right at the 50-day EMA and the 0.8750 level, an area that, of course, is a massive previously resistant area. And now you would think there should be a certain amount of market memory here. If we can bounce from here, then we could go back to the 0.8850 level, but without the weight, see whether or not that actually happens. If we fall, then I’ll be paying attention to the 0.87 level, which is the next little cluster of support.

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