EURUSD and GBPUSD: Euro drops below 1.08000

• During the Asian trading session, EURUSD continues to retreat below the 1.08000 level. 
• During the Asian session, GBPUSD continues bearish movement approaching the 1.20000 level.

EURUSD chart analysis

During the Asian trading session, EURUSD continues to retreat below the 1.08000 level. The pair manages to break below the 1.07700 level. We are now looking at the 1.07500 level as a possible potential support zone. If the euro does not find support there, we could see a further decline down to the trend line. And we would look for potential support in the 1.06500-1.07000 zone.

We need a positive consolidation and a move above the 1.08000 level for a bullish option. Then we need to hold up there in order to form a new bottom. With a new bullish impulse, the pair could initiate a potential recovery. Potential higher targets are 1.08500 and 1.09000 levels.

GBPUSD chart analysis

During the Asian session, GBPUSD continues bearish movement approaching the 1.20000 level. The dollar index manages to get rid of bearish pressure, which gives the dollar strength over other currencies. We need a negative consolidation and pullback below the 1.20000 level for a bearish option. Down the line, we could see a further decline to the next support.

Potential lower targets are 1.19500 and 1.19000 levels. For a bullish option, we need a positive consolidation and a move toward the 1.21000 level. This would allow the pound to establish a new bottom from which it could start a new recovery. Potential higher targets are 1.21500 and 1.22000 levels.