EUR/USD and GBP/USD likely to gain ground on weakening dollar

EUR/USD and GBP/USD look likely to benefit further from dollar depreciation.

​EUR/USD pullback brings potential buying opportunity

EUR/USD has been weakening overnight, with the pair declining towards the 76.4% Fibonacci support level this morning.

The uptrend seen over the first two days of the week remains in play, with the ascending standard deviation channel highlighting that fact. As such, bullish positions are favoured from here, with a decline below the $1.2236 level required to bring about a more bearish outlook.

GBP/USD on the rise, yet questions remain

GBP/USD has been gaining ground after a retracement into the 61.8% Fibonacci retracement level at $1.3425.

The uptrend seen since then has taken us into another Fibonacci resistance zone, with the current challenge of that $1.3547 to $1.3575 region key to determining where we go from here. With the intraday creation of higher lows in play, a break below the $1.3468 level would be needed to bring about a bearish outlook once again.

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