Welcome to Extreme Investor Network, where we provide unique insights and analysis on the Stock Market, trading, and Wall Street. Today, we are taking a closer look at the GBP/USD and EUR/USD pairs to give you a comprehensive overview of the current market trends.
Starting with the GBP/USD pair, the 50-day EMA at $1.31424 is acting as a strong support for the current bullish momentum. Additionally, the 200-day EMA at $1.30481 is reinforcing the longer-term uptrend. As long as the pair remains above the $1.3156 pivot, the upward channel is expected to remain intact, indicating a potential increase in buying interest. However, a break below this level could shift the bias towards selling.
Turning our attention to the EUR/USD pair, the Euro has remained steady following the release of Final CPI, which matched expectations at 2.2% year-over-year. Core CPI also aligned at 2.8%. Investors are now awaiting the upcoming speech from German Buba President Nagel, which could provide valuable insights into the future policy direction of the European Central Bank and impact the Euro’s outlook.
From a technical standpoint, the EUR/USD pair is currently trading at $1.11188, showing signs of potential bullish momentum as it hovers just above its pivot point at $1.11107. Immediate resistance levels are located at $1.11453, with higher targets at $1.11753 and $1.12007. On the downside, key support levels are at $1.10827, followed by $1.10525 and $1.10213.
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