EUR/USD has seen a steady increase recently, breaking through the 1.0910 resistance level. The pair managed to climb above the 1.0910 resistance, entering a bullish zone. However, it seems to be currently correcting its gains as it dropped below the 1.0910 level. The pair is now testing the 23.6% Fib retracement level from its recent upward move. There is also a key bullish trend line forming with support at 1.0870, which could act as a crucial support level in the near future. If the pair manages to see a fresh increase, it could face resistance near the 1.0910 level, followed by the 1.0920 and 1.0950 resistance zones. A move above the 1.0950 level could potentially push the pair towards the 1.0980 level, with further gains potentially leading to a test of the 1.1050 zone. However, in case of a downside break, the pair might decline towards the 1.0820 level.
On the other hand, GBP/USD seems to be correcting gains from the 1.3050 resistance zone. The pair has not shown the same level of bullish momentum as EUR/USD and appears to be facing resistance in the 1.3050 zone. It will be interesting to see how GBP/USD performs in the coming days, especially in comparison to the bullish trend seen in EUR/USD.
In addition to the currency pairs, oil prices have also extended losses recently, declining below the $80.50 level. The bears in the oil market have been able to push the prices lower, resulting in a bearish reaction. It remains to be seen how oil prices will further perform and if there will be any potential recovery in the near future.
Overall, the current state of EUR/USD and GBP/USD in the market suggests a mix of bullish and bearish sentiment. While EUR/USD has shown a positive trend with potential for further gains, GBP/USD is facing resistance and correction. Additionally, the decline in oil prices highlights the volatility and uncertainty in the market. Traders and investors will need to stay vigilant and adapt their strategies accordingly to navigate through the changing market conditions.