EURUSD and GBPUSD: Euro on the defensive below 1.07500

• During the Asian trading session, EURUSD struggled to climb above 1.08300 but was unsuccessful.
• During the Asian trading session, GBPUSD hovered around 1.22800 levels.

EURUSD chart analysis

During the Asian trading session, EURUSD struggled to climb above 1.08300 but was unsuccessful. A strong pullback followed at the beginning of the European session, and EURUSD is now at the 1.07300 level. For a bullish option, we need a new positive consolidation and a move above the 1.07500 level, to begin with.

Then we need to try to hold up there and start a further recovery with a new impulse. Potential higher targets are 1.07750 and 1.08000 levels.

For a bearish option, we need a continuation of this negative consolidation. We would look for the first support at the 1.07000 level. If we fail to hold on to that level, EURUSD will probably continue to slide to the next lower support. Potential lower targets are 1.06750 and 1.06500 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD hovered around 1.22800 levels. This was followed by a retreat and fall to 1.22100 leva. The pound managed to gain support there, and we could now expect to see a continuation of the potential recovery. We need a positive consolidation and stabilization of GBPUSD above the 1.22200 level for a bullish option. After that, we could expect the pound to rise.

Potential higher targets are 1.22500 and 1.2300 levels. For a bearish option, we need a continuation of this negative consolidation and a further pullback below the 1.22000 level. We have additional support at that level in the EMA50 moving average. A fall below would send the pound further lower. Potential lower targets are 1.21800 and 1.21500 levels.