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EUR/USD and GBP/USD extend recovery as dollar softens
Traders are focused on upcoming UK, eurozone, and US data that could swing pricing for Federal Reserve policy and cap further upside in both pairs.
European currencies edged higher as EUR/USD and GBP/USD extended a recovery after the US dollar weakened, with Action Forex citing expectations that US inflation pressures are easing following softer CPI and PPI readings.
The outlet said markets are increasingly looking toward a potentially more accommodative Federal Reserve, which has supported demand for euro and pound exposure, although geopolitical tensions are still limiting how far the currencies can run.
On EUR/USD, technical levels highlighted by Action Forex include an attempt to hold above 1.1460, with scope to test 1.1540 to 1.1580 if gains continue, while a decisive move below 1.1370 would invalidate the bullish path.
For GBP/USD, the pair is recovering more strongly, with buyers holding above 1.3500, and the next upside area flagged at 1.3610 to 1.3680, though the article notes a potential pullback could bring it back toward 1.3440 to 1.3480 ahead of the day’s macro releases.
Latest closeEUR/USD 1.147 ▲0.8%|GBP/USD 1.354 ▲1.4%