EUR/GBP is also closing in on a key resistance around 0.8050. The euro's recent resilience will be tested this week.
The EUR/USD has been basing in November after marking a new low on the year at 1.2357. After a rally from 1.2360, the pair ranged roughly between 1.24 and 1.2505 before extending to 1.2577. This broken range is the basis of a price bottom. The 4H chart shows that market started the week fading EUR/USD but gave it support at 1.2450, the middle of the broken range. The ability to hold above this pivot shows some bullish bias, or at least keeps the bearish bias from returning otherwise. As we get into the 11/18 US session, the EUR/USD pushed above 1.25 on the back of better-than-expected ZEW Economic Sentiment data out ... (full story)