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

EUR/USD and GBP/USD pushing higher, with bullish breakouts for both pairs pointing towards further losses for the dollar.

GBP/USD figure

EUR/USD attempting to break key hurdle

EUR/USD is currently attempting to push through the crucial $1.1961 resistance level, with this level likely to dictate the state of play today. With the price currently passing through that level, watch for a convincing closed hourly or four-hour candle above $1.1961 to provide a bullish confirmation.

Should that occur, we would be looking at a setup for further upside to come as the pair heads  towards the eventual major resistance level of $1.2093. This bullish outlook remains unless  the price breaks below $1.1936.

GBP/USD continues to rise after triangle breakout

GBP/USD has continued its bullish triangle breakout, with the price pushing through the notable $1.3466 swing high this morning. With the price now approaching the $1.3520 level, we have a near-term resistance level to watch out for.

However, the pair seems to have turned a corner and as such, further upside seems likely. A bullish outlook thus remains in place unless the price falls back below the most recent swing low of $1.3426.

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