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

EUR/USD and GBP/USD are showing signs of bullishness, with near-term upside looking increasingly likely.

Euro notes

EUR/USD looks set for further upside

EUR/USD is attempting to break higher once again, following a wider pullback on the 22nd. The key to negating that break below the short-term swing low would be a rally up above $1.1880, which would secure a higher lower and higher high.

Beyond that, the $1.1902 level represents the next key resistance level to overcome. Alternately, a break back below $1.1846 would bring about a more neutral outlook.

GBP/USD attempting to break higher from triangle

GBP/USD is moving higher from a symmetrical triangle formation, with the price testing the $1.3398 resistance level. The ability to break through near term levels such as $1.3398 and $1.3420 are key in determining whether we are set for a period of upside from here.

Alternately, watch out for an hourly close below $1.3331 to bring about a more bearish outlook.

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