EURUSD and GBPUSD: Euro remains above support at 1.09500

• During the Asian trading session, EURUSD hovered around 1.09700 levels.
• During the Asian trading session, GBPUSD held above the 1.24400 level.

EURUSD chart analysis

During the Asian trading session, EURUSD hovered around 1.09700 levels. This was followed by a quick pullback to the 1.09400 level, where we are once again receiving support as yesterday. The pair is again returning to the 1.09700 level in an attempt to hold up there. We need a positive consolidation and a move to the 1.09900 level for a bullish option. This week, that level represents an obstacle to further recovery. Potential higher targets are 1.10000 and 1.10100 levels. EURUSD still manages to move in line with the EMA50 4h moving average. We need a negative consolidation and a new pullback to the 1.09400 level for a bearish option. Then we need a break below in order to form a lower low and thereby confirm the continuation to the bearish side. Potential lower targets are 1.09250 and 1.09000 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD held above the 1.24400 level. At the beginning of the EU session, the pair falls below the support level of 1.23800. We have formed a new three-day low that could pull GBPUSD even lower. Potential lower targets are 1.23700 and 1.2500 levels. This morning’s news on the UK economy was mixed, so we now have increased volatility across all GBP pairs. We need a new positive consolidation and a return to the 1.24500 level for a bullish option. So we would go back above the previous support and above the EMA50 moving average. Then we need to hold on there and start the recovery of the pound with a new impulse. Potential higher targets are 1.24750 and 1.25000 levels.