EURUSD/GBPUSD stretch to new highs on the day. The updated technical look for the pairs.

Both the EURUSD and GBPUSD are stretching to new at-session highs.

For the EURUSD, in its run higher, it is now moving further away from its 50% midpoint of the March 2024 trading range. That level comes in a 1.08522 and represents close support now for the pair. The next key target comes against a swing level at 1.08656 followed by the 100-day moving average 1.08717. Last week, the price extended above the 100-day moving average but failed. A move back above that 100-day moving average should solicit more buying.

For the GBPUSD, the pair has moved above the first of three moving averages in a cluster. The 100 bar moving out on the 4-hour chart 1.2649 has been broken. The 100-day moving average 1.26629 is now being tested. Move above that level and traders would target the 200-bar moving average on the 4- hour chart at 1.26833.

This article was written by Greg Michalowski at Source