EUR/USD Technical Analysis
The Euro has done almost nothing during the trading session here on Wednesday so far, as it looks like we are finding a little bit of resistance here. That does make sense, considering that the 1.18 level has been so resistant. There is a lot of noise around the US dollar, but really at the end of the day, it’s just school-age drama more than anything else.
We are still very range-bound in the Euro against the US dollar. Therefore, I think a little bit of exhaustion probably leads to a short-term selling opportunity. This changes if we break above 1.1850.
GBP/USD Technical Analysis
The British pound has started to fall against the US dollar. You can see just how weak the rally has been. I do think that the 1.35 level continues to be massive resistance. The 50-day EMA just below could be thought of as support, but I think there’s even more support closer to the 1.33 level.
Again, I’m not looking for the world here, but I do think the US dollar is going to strengthen a bit over the next couple of days, barring headlines of course.
EUR/GBP Technical Analysis
The Euro continues to climb against the Pound, which, honestly, for me has been a little bit of a surprise. We are coming up on a major resistance area in the form of 0.8750. Therefore, I think you’ve got a situation where signs of exhaustion would be great selling opportunities if and when we get them.
If not, then I will probably let this one go for a while. I don’t know that I would put a trade on because you are starting to buy into an area that has had massive resistance more than once in the past.
EUR/USD Price Forecast
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