EURUSD Analysis: Looking for Support at 1.08000 Level

• Yesterday we saw a strong bearish trend EURUSD with 1.09427 level. 
• Yesterday morning, GBPUSD rose to the 1.28035 level and formed a weekly high there. 

EURUSD chart analysis

Yesterday we saw a strong bearish trend EURUSD with 1.09427 level. The pair dropped to the 1.08550 level by the end of the day. During the Asian trading session, the bearish scenario continued, and the euro fell to the 1.08140 level. We remain under strong, bearish pressure, and if we do not find support soon, we will find ourselves at even lower levels. Potential lower targets are 1.08100 and 1.08000 levels.

For a bullish option, we need to find a support level first. Then let’s maintain above it, ideally by returning above the 1.08400 level. We had a previous swing there before we hit the weekly low. After that, we can expect the euro to gather strength and start a recovery. Potential higher targets are 1.08500 and 1.08600 levels.

GBPUSD chart analysis

Yesterday morning, GBPUSD rose to the 1.28035 level and formed a weekly high there. After that, the pound began to retreat, which lasted throughout the day until reaching the 1.26500 level. At the start of the Asian trading session, the pair tried to start a recovery but was quickly stopped at the 1.26750 level. From there, we start a further pullback and descend to the 1.25848 level. 

We expect continued pressure on the pound and a drop to a new weekly low. Potential lower targets are 1.25800 and 1.25700 levels. For a bullish option, we need a return above the 1.26000 level. There would be a good position to form a bottom from which we could start a new bullish consolidation. Potential higher targets are 1.26100 and 1.26200 levels.