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EUR/USD ticked up on Tuesday but failed to decisively push past confluence resistance between 1.0865 and 1.0880, where the 50% Fibonacci retracement of last year's decline intersects a key short-term descending trendline. Traders should continue to watch this ceiling in the coming days, bearing in mind that a bullish breakout could set the stage for a rally toward 1.0980.
In the event of sellers successfully defending the technical zone at 1.0865/1.0880, we could see downside pressure drive the exchange rate down toward support at 1.0810. The pair may stabilize around this floor during a pullback before resuming its ascent. However, if a breakdown occurs, a retest of the 200-day simple moving average at 1.0790 could be imminent, with attention then transitioning to 1.0775.
EUR/USD Chart Created Using TradingView
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GBP/USD Bullish Data provided by of clients are net long. of clients are net short.
| Change in | Longs | Shorts | OI |
| Daily | 2% | 4% | 4% |
| Weekly | -17% | 14% | 1% |
GBP/USD rallied early on Tuesday, briefly reaching its highest point since March 21, but gains were short-lived as sellers quickly pushed the pair down from the psychological 1.2800 level, driving it towards 1.2755. If this ceiling holds in the near term, bulls may start bailing, creating the right conditions for a move toward 1.2700. Further weakness could shift focus to 1.2635.
Conversely, if buyers manage to reclaim dominance in the coming days and take out resistance at 1.2800, the upward momentum could intensify, propelling GBP/USD towards 1.2895 – the March peak. While overcoming this ceiling might be difficult, it is still feasible. On that note, upside clearance of this barrier could result in a rally towards the 1.3000 handle.
GBP/USD Chart Created Using TradingView
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