19.04.2021: EUR and GBP to extend recovery? Outlook for EUR/USD and GBP/USD.

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The euro and the pound sterling began losing in value even before the opening of the European session. However, on the premarketing of the European session, the quotes started changing their direction. As a result, they showed a jump. The euro rapidly broke the psychological level of 1.2000 and the British pound consolidated above 1.3850. Notably, both currencies began showing their intention to rise long ago, but they did not have enough momentum to do so. It is surprising that the currencies surged today amid an absolutely empty macroeconomic calendar. That is why a rise in the currencies is likely to have a speculative nature. It means that the current growth should be supported by significant events or strong reports. Otherwise, the pound sterling and the euro will nosedive in the near future. Both currencies may drop as early as today during the US trade. Let us take a look at the trading charts. The euro was hovering near the lower limit of the psychological area located at 1.1950 for 72 hours. After that, it managed to break the upper limit of 1.2000. As a result, speculators showed high activity. It is quite possible that traders are still focused on the psychological area. That is why there is a possibility of a slowdown that may result in a sideways channel between 1.2000 and 1.2050. If the price consolidates above 1.2055 on the four-hour chart, considerable changes may take place in the market. At the same time, on Friday, the British pound was in demand. As a result, it passed the upper limit of 1.3800. On the trading chart, we can see that traders are still pushing the price higher after consolidating above 1.3800. If the price touches the area of 1.3900/1.3915, where there is the mid-term local high logged on April 6, the volume of long positions may drop. This, in turn, may result in stagnation or even a decline.

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