EURUSD and GBPUSD: The euro stops at 1.07000
- During the Asian trading session, EURUSD failed to break above the 1.07000 level.
- During the Asian trading session, GBPUSD traded around 1.20500 levels.
EURUSD chart analysis
During the Asian trading session, EURUSD failed to break above the 1.07000 level. The penalty for that is a pullback, and we are now on our way down to the 1.06500 level. This is where we enter a potential support zone, as the previous consolidation occurred in the 1.06300-1.06500 range. A fall below that could mean a continued weakening of the euro and a retreat to lower support levels. Potential lower targets are 1.06000 and 1.05800 levels. We need a positive consolidation and a return to the resistance zone around the 1.07000 level for a bullish option. Then we need a break above and try to hold up there. With a new impulse, we could start the EURUSD recovery. Potential higher targets are 1.07250 and 1.07500 levels.
GBPUSD chart analysis
During the Asian trading session, GBPUSD traded around 1.20500 levels. At one point, the pair tried to break away from this consolidation and start a bullish trend, but it was stopped at the 1.20650 level. A quick pullback followed, and we are now at the 1.20000 level. If the pressure in this zone continues, we could see a continuation of the bearish trend and a fall of the pound to the previous support in the zone around the 1.19200 level. We need to get back above the 1.20500 level for a bullish option. Then we need to maintain ourselves there and from that place to try a new recovery. Potential higher targets are 1.20800 and 1.21000 levels.
