EURUSD and GBPUSD: Euro is consolidating above 1.07000

• During the Asian trading session, EURUSD was slightly pulled back to the 1.07000 level. 
• GBPUSD rose to 1.22850 levels yesterday. 

EURUSD chart analysis

During the Asian trading session, EURUSD was slightly pulled back to the 1.07000 level. After that, EURUSD got support there and started to grow with a new impulse. Soon the euro climbed to the 1.07500 level, and we are now consolidating in that area. To continue the bullish option, we need a positive consolidation and growth to the 1.07600 level, the previous high of March 15.

A break above would further strengthen the bullish option, and we would likely see a continuation of the euro’s recovery. Potential higher targets are 1.07800 and 1.08000 levels. For a bearish option, we need a negative consolidation and pullback of the EURUSD to support the 1.07000 level. A break below would add to the euro’s weakness, which could lead to a further pullback. Potential lower targets are 1.06800 and 1.06600 levels.

GBPUSD chart analysis

GBPUSD rose to 1.22850 levels yesterday. After that, we see a slowdown and a pullback to 1.22300 during the Asian trading session. In the European session, the pound makes a new bullish impulse and moves up to the 1.22600 level. We are now hovering around that level, and we need further positive consolidation to go ahead with the continuation of the bullish option. We would rise again near 1.23000 and have another opportunity to try to break above that level.

Potential higher targets are 1.23500 and 1.24000 levels. We need a negative consolidation and decline to this morning’s support at the 1.22300 level for a bearish option. A break below the pound would likely visit the 1.22000 support level.