EURUSD and GBPUSD: Euro remains under pressure at 1.06500
- During the Asian trading session, the euro continues to retreat against the dollar.
- Today’s positive data on the UK economy strengthened the pound, and GBPUSD rose to 1.21000 levels.
EURUSD chart analysis
During the Asian trading session, the euro continues to retreat against the dollar. An attempt to move above 1.07000 was unsuccessful. The pair is now trying to find support at the 1.06500 level. The picture is still very bearish, and we could expect the EURUSD to break below and continue to slide.
Potential lower support is at the 1.06000 level. For a bullish option, we need to climb above the 1.07000 level. After that, we need to stay up there and start the recovery with a positive consolidation. Potential higher targets are 1.07500 and 1.08000 levels.
GBPUSD chart analysis
Today’s positive data on the UK economy strengthened the pound, and GBPUSD rose to 1.21000 levels. During the Asian session, the pound encountered resistance at the 1.20500 level. We are now at the 1.21000 level and watching the pound’s movement to determine the next trend.
If we were to succeed in our intention to break above and hold above, we could think about continuing the bullish option. And potential higher targets are 1.21500 and 1.22000 levels. We need a negative consolidation and pullback below the 1.21000 level for a bearish option. With that, we would form a new lower high compared to the previous high from last week. That could push the pound lower and trigger a bearish pullback. Potential lower targets are 1.20500 and 1.20000 levels.