The euro currency is attempting to correct higher against the US dollar in early week trading, amidst quiet market conditions. Technical indicators on the lower time frames have now corrected from oversold conditions, with EURUSD the pair still struggling to break past the 1.1250 . Sellers need to breach the 1.1216 to further encourage selling towards critical weekly support, at 1.1175.
The EURUSD pair is intraday while trading below the 1.1250 level, key technical support is found at the 1.1216 and 1.1175 levels.
If the EURUSD pair trades above 1.1250 level, key intraday resistance is found at the 1.1280 and 1.1300 levels.
GBPUSD bears targeting 1.2940
The British pound currency has opened the new trading week under pressure against the US dollar following a weekly price close below the 1.2985 level. The 1.2940 level is the next downside target for sellers, with the 1.2880 level the overall downside objective. Only a sustained move above the 1.3030 level can negate intraday selling pressures surrounding the GBPUSD pair.
The GBPUSD pair is heavily while trading below the 1.2985 level, key support is found at the 1.2940 and 1.2880 levels.
If the GBPUSD pair trades above 1.2985 level, key intraday resistance is found at the 1.3000 and 1.3030 levels.