EURUSD and GBPUSD: The euro is currently above 1.08000
During the Asian trading session, EURUSD continues with a bullish trend up to 1.08350.
During the Asian trading session, GBPUSD climbs back above the 1.23000 level.
EURUSD chart analysis
During the Asian trading session, EURUSD continues with a bullish trend up to 1.08350. The euro then retreats to the 1.08100 level, trying to find new support. If we managed to stay above, we would have a good initial position to continue further growth. Potential higher targets are 1.08500 and 1.08900 levels.
We need a negative consolidation and a pullback of the price below the 1.08000 level for a bearish option. In the continuation, the euro could slip to the EMA50 moving average in the zone around the 1.07600 level. We have the ECB President Lagarde and Deutsche Bundesbank President Buba’s presentation today. Their statements can increase volatility in EUR pairs.
GBPUSD chart analysis
During the Asian trading session, GBPUSD climbs back above the 1.23000 level. This morning’s maximum was at the 1.23300 level. The pound encounters resistance and begins its retreat. Now we are at 1.23000 and trying to form new support at that level for further recovery.
If we succeeded in that, the bullish trend would start again, and soon we would be at the 1.23300 level again. And maybe we would manage to break above and form a new higher high above the 1.23500 level. We need a continuation of today’s negative consolidation for a bearish option. Potential next support at the 1.22500 level, and if it does not hold, the next one is at the 1.22000 level.
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