EUR/USD Resilience & GBP/USD Positive Trend Amid Holiday Season


As the holiday season unfolds, EUR/USD exhibits resilience, maintaining gains above the crucial 1.0980 level. A robust bullish trend line, supported near 1.0980 on the 4-hour chart, underscores the Euro’s strength against the US Dollar. The pair successfully surpassed the 1.0920 level, entering a positive zone on the technical front.

Analysing the 4-hour chart, EUR/USD comfortably settled above the 1.0950 level, along with the 100 simple moving average (red, 4 hours) and the 200 simple moving average (green, 4 hours). With a pinnacle at 1.1040, the pair is presently consolidating gains near the 1.1000 zone. Key support lies at 1.0980, reinforced by a bullish trend line. Further support levels include 1.0945 and 1.0920, while a breach could lead to a test of 1.0840.

On the upside, immediate resistance resides at 1.1040, followed by a significant barrier at 1.1120. A breakthrough above 1.1120 may pave the way for further upward momentum, with a potential target of 1.1200.

Turning attention to GBP/USD, the pair sustains a positive stance, with bulls eyeing the 1.2850 level. Economic releases, such as the US Housing Price Index for October 2023 (MoM), are anticipated, with a forecast of +0.5%, compared to the previous +0.6%.

Amidst the holiday ambiance, EUR/USD  technical strength and GBP/USD’s positive trajectory capture market attention, suggesting potential opportunities for traders as the year concludes. Investors await further developments in the currency market as economic data unfolds in the coming days.

Read Also:- EUR/USD Holds at 1.0900 Amid German IFO Focus

Daniel Martin
Daniel Martin is a highly accomplished forex trader from the United States. He has over 15 years of experience, and has gained a reputation for his exceptional insights and consistent profitability in the foreign exchange market. Born and brought up in New York, Daniel holds a degree in Economics and has a deep understanding of market dynamics. He is known for his disciplined approach, ability to interpret market patterns, and expertise in various trading strategies. Daniel actively shares his knowledge through articles, webinars, and seminars, and is committed to promoting ethical trading practices. With his passion and extensive experience, he continues to guide individuals towards financial success in the dynamic world of forex trading.