EURUSD and GBPUSD: The Euro is back above the 1.09500 level
- During the Asian trading session, EURUSD continues to recover from 1.09400 levels.
- During the Asian trading session, GBPUSD managed to hold above the 1.23800 level.
EURUSD chart analysis
During the Asian trading session, EURUSD continues to recover from 1.09400 levels. Yesterday we had a drop to the 1.09090 level, where EURUSD got new support and started to recover. If the current growth continues, the pair could reach the 1.10000 level again. Yesterday we tried to break above, but the euro had the strength, and a fall followed. A breakout of EURUSD would get a better initial position for further continuation. Potential higher targets are 1.10200 and 1.10400 levels. We need a negative consolidation and pullback below the 1.09500 level for a bearish option. Then we would be on our way to dropping to the 1.09000 level and testing that support.
GBPUSD chart analysis
During the Asian trading session, GBPUSD managed to hold above the 1.23800 level. At the beginning of the EU session, we see a bullish impulse and a jump above the 1.24000 level. The growth of GBPUSD stopped at the 1.24450 level, and for now, we have resistance at that level. A positive for the pound is that it has moved back above the EMA50 moving average, which could push the pound further. Potential higher targets are 1.24750 and 1.25000 levels. We need a negative consolidation and pullback to the 1.24000 level for a bearish option. After that, we could see a retest of yesterday’s low at 1.23500. A break below could take us to a new low for the week. Potential lower targets are 1.23250 and 1.23000 levels.
