EURUSD:
The EURUSD pair broke below the key support level of 1.1800 during the Asian trading session on Friday, indicating a bearish momentum in the near term. The pair is currently trading around 1.1780 and is facing strong resistance near the 1.1800 level. The next support level to watch for is at 1.1750, followed by the psychological level of 1.1700.
On the upside, if the pair manages to break above the 1.1800 resistance level, the next target to watch for is at 1.1850. A clear break above this level could open the doors for a retest of the 1.1900 level. However, the overall bias remains bearish as long as the pair stays below the 1.1800 level.
GBPUSD:
The GBPUSD pair is trading below the key support level of 1.3800, signaling a bearish bias on Friday. The pair is currently hovering around 1.3780 and is facing immediate support near the 1.3750 level. A convincing break below this level could pave the way for a further decline towards the 1.3700 handle.
On the upside, if the pair manages to climb back above the 1.3800 level, the next target to watch for is at 1.3850. A clear break above this level could lead to a retest of the 1.3900 resistance level. However, the overall sentiment remains bearish as long as the pair stays below the 1.3800 level.
In conclusion, both the EURUSD and GBPUSD pairs are trading with a bearish bias on Friday, with key support and resistance levels to monitor closely. Traders should exercise caution and wait for confirmation before taking any new positions in these currency pairs.
