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EUR/USD, GBP/USD kick off new year by revisiting key support zones

EUR/USD, GBP/USD begin new year by revisiting key support zones as traders position themselves.

Dollar Source: Adobe images
Forex Shares EUR/USD GBP/USD Pound sterling Euro
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​EUR/USD begins year by weighing on support

EUR/USD revisits the $1.0344-to-$1.0333 November and December lows whilst remaining below its early to mid-December lows and late December high at $1.0454-to-$1.0461.

Further minor resistance can be spotted at the mid-December $1.0534 high. Were a fall through the November low at $1.0333 to be seen, the 30 November 2022 low at $1.0223 would be next in line.

EUR/USD chart Source: TradingView
EUR/USD chart Source: TradingView

GBP/USD starts year by weighing on support

GBP/USD still hovers above its eight-month $1.2475 low with the early-to-mid-December lows and last week’s high at $1.2607-to-$1.2617 acting as technical resistance.

A slide through $1.2475 would target the 9 May low at $1.2446 and the 16 April low at $1.2406 whereas a rise above $1.2617 would likely have the mid-December high at $1.2729 in its sights.​

GBP/USD chart Source: TradingView
GBP/USD chart Source: TradingView

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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