EURUSD and GBPUSD: Euro climbed up to 1.09300 this morning
- During the Asian trading session, EURUSD rose to 1.09298 levels.
- During the Asian trading session, GBPUSD formed a new higher high at 1.23438.
EURUSD chart analysis
During the Asian trading session, EURUSD rose to 1.09298 levels. The euro has so far failed to move above, and a new pullback has begun. EURUSD dropped to 1.08800 levels; if the current consolidation continues, we could expect a drop to 1.08500 levels. If we were to break below this support, the euro could slide even lower.
Potential lower targets are 1.08300 and 1.08100 levels. For a bullish option, we need to consolidate above the 1.08900 level. After that, we could expect to see a continuation of positive consolidation and possibly the formation of a new higher high. Potential higher targets are 1.09500 and 1.09800 levels.
GBPUSD chart analysis
During the Asian trading session, GBPUSD formed a new higher high at 1.23438. Since then, we have been in a slight pullback with support at the 1.23000 level. We need a continuation of positive consolidation and a break above this morning’s high for a bullish option. Then we need to hold up there in order to trigger the continuation of the pound’s recovery with the next impulse. Potential higher targets are 1.24000 and 1.24300 levels.
We need a pullback below the 1.23000 level for a bearish option and a continuation of the negative consolidation. The next important level is 1.22500, and if the pound doesn’t find support there, it could continue its retreat. Potential lower targets are 1.22000 and 1.21800 levels.