These were the two currencies that were in focus last week and were highlighted earlier here as well, after having seen the dollar hang on right at the edge on Friday. EUR/USD is now down 0.3% to 1.0965 with GBP/USD down 0.3% as well to 1.2375 on the day.
It’s still early in the session and on the week, but dollar bears are seeing a further setback after the weekly hold in the above linked post. In the case of EUR/USD, there is further support from the 200-hour moving average at 1.0945 but break below and sellers will regain near-term momentum as well.
As for GBP/USD, the near-term tide has already turned with sellers now starting to look towards the 10 April low at 1.2344 at the moment:
GBP/USD hourly chart
This article was originally published by Forexlive.com. Read the original article here.