EURUSD and GBPUSD: Euro finds support at the 1.07500 level

• During the Asian trading session, EURUSD moved in the range of 1.07400-1.07800.
• The pound fell to 1.22000 on Friday and managed to hold above that level.

EURUSD chart analysis

During the Asian trading session, EURUSD moved in the range of 1.07400-1.07800. The pair still manages to hold above the EMA50 4H moving average, which could encourage the continuation of the bullish option. On the upside, we have pressure in the EMA20 1H moving average and need a break above.

If we succeed in this, EURUSD could climb up to 1.08000 levels. We have a new resistance zone in the 1.08100-1.08300 zone, and a move above could make this week very bullish for the European currency. We need a negative consolidation and a price pullback below the EMA50 to the 1.07300 level for a bearish option. Below, we should see a drop to the 1.07000 level and then to the 1.06500 major support zone.

GBPUSD chart analysis

The pound fell to 1.22000 on Friday and managed to hold above that level. Since then, GBPUSD has been in a bullish consolidation after finding support in the EMA50 4H moving average. During the Asian trading session, the movement occurred around the 1.22500 level. GBPUSD, with new bullish momentum, climbs above 1.22500 and finds support with an additional EMA20 1h moving average.

Such a picture could push GBPUSD to the 1.23000 level and a potential test of last week’s high at the 1.23440 level. We need a negative consolidation and a pound fall below the 1.22000 level for a bearish option. After that, the next important zone for further continuation of the trend is 1.21700-1.21800, and a break below could influence the pound to continue its retreat.