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EURUSD and GBPUSD: Euro continues to recover above 1.06800

  • During the Asian trading session, EURUSD moved up to 1.06900 levels. 
  • During the Asian trading session, GBPUSD continued with the bullish trend, forming a new higher high at the 1.21450 level. 

EURUSD chart analysis

During the Asian trading session, EURUSD moved up to 1.06900 levels. After that, the euro begins a pullback to support at the 1.06300 level. PAir manages to get support there and denies the new bullish trend. EURUSD soon crossed above the 1.06500 level, and now we are at the 1.06640 level. For a more concrete bullish trend, we need a jump to the 1.07000 level. With such a move, we would exceed this morning’s high.

And that could lead to the continued strengthening of the euro and climbing to higher levels. Potential higher targets are 1.07250 and 1.07500 levels. We need a negative consolidation and pullback to the 1.06300 level for a bearish option. This way, EURUSD would retreat below the EMA50 4h indicator, which could further burden the pair. Potential lower targets are 1.06200 and 1.06000 levels.

EURUSD Chart Analysis

GBPUSD chart analysis

During the Asian trading session, GBPUSD continued with the bullish trend, forming a new higher high at the 1.21450 level. The pair makes a minor pullback to 1.21850 and manages to hold above for now. We need new momentum in order to find ourselves above the 1.22000 level again and skip this morning’s high.

Potential higher targets are 1.22500 and 1.23000 levels. We need a new negative consolidation and a drop to the 1.21500 level for a bearish option. With that, we would form this week’s new low, and after that, we could expect the continuation of the withdrawal of the pound. Potential lower targets are 1.21000 and 1.20500 levels.

GBPUSD Chart Analysis

 



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