EURUSD and GBPUSD: Euro puts pressure on 1.09500

• During the Asian trading session, EURUSD was trying to break above the 1.09900 level.
• During the Asian session, GBPUSD retreated from 1.24300 levels to almost 1.24000 levels. 

EURUSD chart analysis

During the Asian trading session, EURUSD was trying to break above the 1.09900 level. Pair failed to do so and began to retreat. Very quickly, we went down to the 1.09500 level, and for now, we have managed to stay at that level. The future trend will also depend on the pressure on the euro. We could easily see a breakout below and a continuation of the EURUSD pullback. Potential lower targets are 1.09250 and 1.09000 levels. The news about inflation in the Eurozone, which will be published in the EU session, will also have a big impact. Expectations are that there should be a reduction in inflation. In the previous month, inflation was 8.5%, and the forecast for this month is 6.9%. Also, based on inflation, the ECB will create its monetary policy for the next period.

GBPUSD chart analysis

During the Asian session, GBPUSD retreated from 1.24300 levels to almost 1.24000 levels. At the beginning of the EU session, we were greeted by the news of inflation in the UK. The results showed that there was an increase in inflation to 10.1%, while the forecast was 9.8%. In the previous report, inflation was at the 10.4% level. Today’s data turned out to be worse than expected, which could influence the BoE to continue raising interest rates. Therefore, we need a stronger pound to lower inflation. Looking at the chart after the news, we see a jump in GBPUSD to 1.24730 levels. To continue the bullish trend, we need to maintain above 1.24500. If we succeed in this, the continuation of the bullish option is very obvious. A potential higher target is the 1.25000 level.