Welcome to Extreme Investor Network, where we provide unique insights and valuable information on all things related to the stock market, trading, and Wall Street. Today, let’s take a look at the latest updates in the GBP/USD and EUR/USD currency pairs.
GBP/USD Price Chart Analysis:
The GBP/USD pair is currently facing immediate resistance at $1.31346, with further resistance levels at $1.31676 and $1.32003. On the downside, support can be found at $1.30585, with potential drops towards $1.30312 or $1.30026 if this level is breached. The 50-day EMA at $1.31489 and the 200-day EMA at $1.3221 are key levels to watch for potential breakouts and trend confirmations. It is important to remain cautious on the GBP/USD pair unless it holds above $1.31048.
EUR Gains on Strong German Data:
The Euro (EUR) saw a boost in momentum following Germany’s impressive 2.9% rise in industrial production for September, exceeding expectations and recovering from a decline in August. However, the French trade balance showed deficits, highlighting the mixed economic indicators in the Eurozone. Eyes are now on the ECOFIN meetings and a speech by German Buba President Nagel for further insights into the economic outlook and potential impacts on the Euro’s movement in the short term.
EUR/USD Technical Forecast:
The EUR/USD pair is currently trading at $1.09923, showing a 0.16% increase in the latest session. The pair is holding above its pivot point of $1.09839, which could signal a bullish trend if this level is maintained. Traders should keep a close eye on these levels for potential trading opportunities.
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