EURUSD and GBPUSD: Euro on the way to 1.09000
During the Asian trading session, EURUSD managed to hold above the 1.08300 level.
During the Asian session, GBPUSD retreated to 1.23000 levels.
EURUSD chart analysis
During the Asian trading session, EURUSD managed to hold above the 1.08300 level. The beginning of the European session saw a bullish impulse pushing the EURUSD over the 1.08500 level. For a bullish option, we need a positive consolidation and a jump to 1.08700. Yesterday we had resistance at that level, and we need a break above it for further continuation to the bullish side. Potential higher targets are 1.09000 and 1.09250 levels.
We need a negative consolidation and a pullback of the euro below the 1.08300 support level for a bearish option. A drop below would signify a further weakening of the euro and a continued retreat. Potential lower targets are 1.08100 and 1.07900 levels.
GBPUSD chart analysis
During the Asian session, GBPUSD retreated to 1.23000 levels. The pound gets support there and starts a new positive consolidation. We are now very close to breaking above yesterday’s high at 1.23620. If we succeed in that, the next target is the 1.24000 level. A potential higher target is the 1.24300 level.
We need a negative consolidation and a new pullback to the 1.23000 support level for a bearish option. A break below this level would push the pound towards the 1.22500 support level. Additional support at that level is in the EMA50 moving average. The last time when GBPUSD met EMA50, it got support, from which we started further recovery. Potential lower targets are 1.22000 and 1.21750 levels.
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