EUR/USD, EUR/GBP and GBP/USD hold their breath on Ukraine tensions
EUR/USD, EUR/GBP and GBP/USD so far hold at minor support while on watch for war tensions.
EUR/USD’s slide continues amid ongoing Ukraine tensions
EUR/USD's sharp sell-off from its three-month spike high at $1.1495 has now taken it to below the 55-day simple moving average (SMA) at $1.1325, back to the middle of its December sideways trading range.
The early January low at $1.1272 remains in sight while the threat of war in Ukraine weighs on the cross. Further potential support comes in at the $1.1122 mid-February low.
Minor resistance continues to be seen between the late November and December highs at $1.1382 to $1.1386.
EUR/GBP still flirts with the 61.8% Fibonacci retracement
Last week’s fall through the 55-day SMA at £0.8418, took EUR/GBP back to the 61.8% Fibonacci retracement of the February rally to £0.836 around which it is still trying to stabilise.
Below yesterday’s low at £0.8346 lie the early January low at £0.8335 and the mid-January low at £0.8324. Key support is entrenched slightly further down between the January and early February lows at £0.8305 to £0.8286.
Any resistance of note is a long way off, namely between the January high and 55-day SMA at £0.8418 to £0.8422.
GBP/USD so far holds at the minor $1.3513 to $1.349 support zone
GBP/USD’s minor retracement lower from last week’s high at $1.3643 provoked a retest of the $1.3513 to $1.349 minor support area, made up of the mid-November high, 6 January and 7 February lows.
A drop through $1.349 may lead to the next lower $1.3455 to $1.3431 support zone being reached. It is comprised of the early as well as the 25 and 26 January lows and the 55-day SMA. Further down lies the January trough at $1.3359.
The 18 January low at $1.3573 offers minor resistance, ahead of stronger resistance which sits between the current February highs and the two-month resistance line at $1.3609 to $1.3643.
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