As London/European traders look to exit for the day, both the EURUSD and GBPUSD are making new session highs.
For the EURUSD, the pair has moved to a new session high of 1.0951. That took the price above the high of a swing area between 1.09255 to 1.09438. On the top side, the 61.8% retracement of the 2023 trading range comes in at 1.09594. Getting above that level increases the bullish bias. A move below 1.09255, would disappoint the break-higher buyers.
For the GBPUSD, its price is breaking above its 100-day moving average 1.25056. Getting and staying above that level would be more bullish with a swing area between 1.2524 and 1.2547 as the next targets to get to and through and give buyers more confidence
Both currency pairs are breaking technical barriers, signaling a more bullish trend.
This article was written by Greg Michalowski at www.forexlive.com. Source