EURUSD and GBPUSD: Euro falls to support at 1.07000

• Yesterday’s EURUSD attempt to reach 1.08000 was unsuccessful. 
• Pair GBPUSD is again under bearish pressure, and we are again below the 1.21000 level. 

EURUSD chart analysis

Yesterday’s EURUSD attempt to reach 1.08000 was unsuccessful. The jump stopped at the 1.079200 level, and after that, the euro started a pullback. During the Asian trading session, the pair EURUSD moved around 1.07250 levels. Now we see a bearish consolidation and a drop to the 1.07000 level.

Pressure on the euro is increasing again, and we could soon see a test of this week’s low at the 1.06670 level. Down below, we would be very close to testing the 1.06500 level and possibly falling to the 1.06000 level.

GBPUSD chart analysis

Pair GBPUSD is again under bearish pressure, and we are again below the 1.21000 level. We have currently lost support at that level and now see a breakout below and a continuation of the decline. We could soon find it at the 1.20500 level, thereby bringing us closer to the 1.20000 psychological level.

A break below would likely shake the pound further and lead to further weakness. Potential lower targets are 1.19500 and 1.19000 levels. We need a positive consolidation and a return above the 1.21500 level for a bullish option. Then we need to stay up there if we want to see a continuation to the 1.22000 level.