EURUSD and GBPUSD: Euro and support at 1.09000 level
- During the Asian trading session, EURUSD hovered around 1.09000 levels.
- The decline of GBPUSD stopped yesterday at the 1.22000 level.
EURUSD chart analysis
During the Asian trading session, EURUSD hovered around 1.09000 levels. Now we see a new bullish impulse that could trigger a recovery in the euro. The pair has already moved towards 1.09250, and we could expect to find ourselves at the 1.09500 level soon. The bigger picture tells us that we are still in a bullish trend. Potential higher targets are 1.10000 and 1.10500 levels.
For a bearish option, we need a negative consolidation and a new withdrawal of the euro below the 1.09000 level. After that, we could see a further decline and descent to support at the 1.08500 level. An important support zone at 1.08000; below that, we would likely see a stronger EURUSD pullback to the next lower support.
GBPUSD chart analysis
The decline of GBPUSD was stopped yesterday at the 1.22000 level. During the Asian session, the pound manages to maintain that level and initiate a bullish impulse that moves us to the 1.22500 level. Currently, we now have resistance at that level, and the pair is again leaning to the bearish side. For a bearish option, we need a negative consolidation and a new test of support at the 1.22000 level.
A breakout of the pound below would further worsen the picture. Potential lower targets are 1.21500 and 1.21000 levels. We need a positive consolidation and a return to the 1.23000 level for a bullish option. This would bring us back to the support zone from last week. Potential higher targets are 1.23500 and 1.24000 levels.