EUR/USD and GBP/USD Rise as Iran Deal Optimism Weakens Oil and Dollar

50EUR/USD and GBP/USD moved higher after renewed optimism about a possible US–Iran deal, which reduced fears of energy supply disruption. As oil prices pulled back, both the US dollar and crude weakened, supporting the euro and pound since Europe is a major energy importer. Lower oil helped improve risk sentiment and pushed both pairs to fresh highs.

Technically, EUR/USD broke above 1.1675 ( 50 & 200 DMA levels) and 1.1740, with 1.1740 now acting as support. If price holds above this level, upside targets are 1.1825 and 1.1925. Momentum indicators like RSI and MACD support a bullish bias, but a retest of support before entry is preferred.

EUR/USD Daily Chart

GBP/USD also strengthened after breaking the 1.3345 and 1.3480 resistance levels. If the price holds above 1.3480, upside targets are 1.3580 and then 1.3700. Indicators remain mildly bullish, with preference again for a retest before new long entries.

GBP/USD Daily Chart

Overall, easing energy risks, weaker oil, and improving European outlook are supporting both pairs, with buy-the-dip setups favoured while key support levels hold.