EURUSD and GBPUSD reach new session highs.
For EURUSD, in its rise, it is now moving away from its 50% midpoint of the March 2024 trading range. This level sits at 1.08522 and now represents tight support for the pair. The next key objective lies opposite a swing level at 1.08656 followed by the 100-day moving average at 1.08717. Last week, the price extended above the 100-day moving average but fell short. A move back above this 100-day moving average should spark more buying.
For GBPUSD, the pair has been trading above the first of three moving averages in a cluster. The 100 mark coming out on the 4-hour chart at 1.2649 was broken. The 100-day moving average of 1.26629 is currently being tested. Move above this level and traders would target the 200-bar moving average on the 4-hour chart at 1.26833.
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