Forex Trading Analysis: EUR/USD Falls to Over Two Year Low, GBP/USD Falls to 9-Month Low
Amid the optimistic outlook for the US market and the appreciation of the US dollar, the EUR/USD fell to a low point in over two years, while the GBP/USD fell to a 9-month low.
Euro/USD falls to a two-year low
The euro/dollar continues to decline and is currently approaching the low point of 1.0223 set in late November 2022. Below this point is the high of 1.0197 set in September 2022, which may provide temporary support as it falls towards parity levels.
The key support area previously located between 1.0333 and 1.0344 (November and December lows) should now act as resistance due to polarity reversal.
GBP/USD falls to 9-month low
The GBP/USD has fallen below the 8-month low of 1.2475 set in December and has now dropped to a 9-month low of 1.2353. Its next target is the low of 1.2300 set in April 2024, where it may receive some support.
There is strong resistance between the low points of November and mid December (1.2475 to 1.2488).
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