FX levels to watch: EUR/USD and GBP/USD

Euro and sterling attempt a recovery after sell-off.

EUR/USD seeks to recover from sell-off

EUR/USD defended the $1.13 level yesterday, as it did throughout December. This could set us up for another rally towards resistance at $1.148, where gains have stalled over the past two weeks.

The intraday bounce has carried the price to $1.138, and if the selling resumes then all eyes are on $1.13. If this breaks, then the November low at $1.1215 comes into view.

EUR/USD chart

EUR/USD chart

GBP/USD holds support

GBP/USD's sudden drop yesterday bounced and found support around the lows seen in early December at $1.2476.

However, the price needs to recover $1.26 to provide a more bullish view. Any rally that fails to recover this level is another selling opportunity.

GBP/USD chart

GBP/USD chart


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