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Technical Update - EURUSD and GBPUSD bouncing from key support. Resuming uptrend?
Kim Cramer Larsson
Technical Analyst, Saxo Bank
- EURUSD has rebounded from key strong support at 1.08. Technical Indicator is suggesting potential short-term gains towards 1.09, potentially higher
- GBPUSD has rebounded from key strong support at 1.26. The rebound could continue to 1.2772 level potentially higher
EURUSD has bounced off key strong support level and the 0.618 Fibonacci retracement at around 1.08, moving back above the 55-day moving average (DMA).
This recovery sets the stage for potential short-term gains, with an immediate target at the 0.618 retracement level of 1.0913, which is closely aligned with the upper boundary of the Ichimoku Cloud.
A daily close above this level could propel EURUSD towards the 0.786 retracement and significant resistance level at approximately 1.0943.
The RSI, also bouncing from the 40 threshold, is showing positive sentiment, suggesting the likelihood of the currency pair resuming its uptrend.
If the RSI closes above the 60 threshold, it would further confirm the bullish scenario, potentially leading EURUSD to surpass the resistance levels at 1.0943 potentially also 1.0981.
GBPUSD has rebounded from key strong support level and the 0.786 Fibonacci retracement at around 1.26, despite dipping below it twice.
This bounce-back sets the stage for a potential upward movement, which could lead the pair towards the 0.618 retracement at 1.2772, situated just below a strong resistance zone between 1.2785 and 1.28.
The RSI's position and movement are key. If the RSI closes above its falling trendline, it suggests that GBPUSD could reach 1.2772. Furthermore, an RSI close above 60 would strongly indicate the potential for GBPUSD to break through resistance zone between 1.2785 and 1.28.
Conversely, a daily close below last week's low at 1.2575 would very likjely reverse the rebound narrative, potentially steering GBPUSD towards the 1.25 level.