EUR/USD and GBP/USD have started the new year by revisiting important support zones. Both currency pairs have shown signs of weakness as they approach key levels of support. Traders are closely monitoring these levels to see if there will be a bounce back or a break below support.
The EUR/USD pair has been trading near the 1.20 level, which has been a significant support zone in the past. If the pair breaks below this level, it could signal further downside momentum. On the other hand, a bounce back from this support zone could lead to a retest of resistance levels.
Similarly, the GBP/USD pair has been testing the 1.35 level, which has also been a crucial support zone in recent months. Traders are watching closely to see if the pair will hold above this level or if it will break lower. A break below 1.35 could open the door for more downside potential, while a bounce back could lead to a retest of higher resistance levels.
Overall, both EUR/USD and GBP/USD are at important junctures as they revisit key support zones at the start of the new year. Traders will be paying close attention to these levels to determine the next potential direction for these currency pairs.