Welcome to Extreme Investor Network, where we provide unique insights and analysis on the stock market, trading, and Wall Street.
In today’s market update, we take a look at the latest developments in the GBP/USD and EUR/USD currency pairs.
Starting with GBP/USD, the immediate support levels to watch are at $1.32718, $1.32339, and $1.31976. The pivot point at $1.33081 is a key level to monitor, as a break above could indicate continued bullish momentum, while a drop below may lead to increased selling pressure.
Moving on to the Euro, it has softened following the release of Germany’s ifo Business Climate index, which came in below expectations at 85.4. This signals weakening sentiment in Europe’s largest economy. Investors are now focused on the Belgian NBB Business Climate data and remarks from German Buba President Nagel for further economic guidance.
In terms of technical analysis for the EUR/USD pair, it is currently trading at $1.11234, with modest gains during today’s session. The price is above the 50-day EMA at $1.11293, suggesting mild bullish momentum. Resistance levels to watch are at $1.11433, $1.11760, and $1.12039, while support levels can be found at $1.10831, $1.10679, and $1.10486.
Stay tuned to Extreme Investor Network for more in-depth analysis and valuable insights to help you navigate the dynamic world of trading and investing. Happy investing!