EURUSD and GBPUSD: Euro slips below 1.07000 level again

During the Asian trading session, EURUSD was trying to maintain around the 1.07000 level.
On Friday, we hoped that GBPUSD could close the week above the 1.25000 level. 

EURUSD chart analysis

During the Asian trading session, EURUSD was trying to maintain around the 1.07000 level. The pressure on the euro continues this Monday, and the pair forms a new low at the 1.068350 level. We could visit last week’s support zone if the current consolidation continues.

Potential lower targets are 1.06700 and 1.06600 levels. We need a positive consolidation and a move above the 1.07100 level for a bullish option. Then we would form a higher low on the chart compared to last week’s low. This could mean another bullish consolidation and possible recovery. Potential higher targets are 1.07200 and 1.07400 levels.

GBPUSD chart analysis

On Friday, we hoped that GBPUSD could close the week above the 1.25000 level. On the contrary, there was a sharp fall of the pound and a retreat to the 1.24400 level. During the Asian trading session, we managed to hold on to that level, only to see a breakout below and a pullback to the 1.24000 level. If we fail to hold here, the pound could easily slide further down and visit last week’s lows.

Potential lower targets are 1.23800 and 1.23600 levels. We need a positive consolidation and stabilization above the 1.24000 level for a bullish option. After that, we could expect to see the pound rise and recover. In the zone around the 1.24400 level, we encounter additional resistance in the EMA50 moving average. And with a breakout above, we would have the wind at our backs to continue on the bullish side. Potential higher targets are 1.24600 and 1.24800 levels.

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