EURUSD and GBPUSD: Euro retreats to 1.10300 level

• During the Asian trading session, EURUSD slightly rose from 1.10400 levels. 
• During the Asian trading session, GBPUSD held above the 1.24500 level. 

EURUSD chart analysis

During the Asian trading session, EURUSD slightly rose from 1.10400 levels. The recovery lasted only up to the 1.10620 level. After that, we see a pullback at the 1.10500 level and are trying to hold on to that place. If a breakout below the EURUSD occurs, it could make a bigger pullback. Potential lower targets are 1.10300 and 1.10200 levels.

EMA50 4h moving average is lower at the 1.10000 level. We need a positive consolidation and a euro return above the 1.10600 level for a bullish option. If we manage to stay above it, we can start another testing of yesterday’s high at the 1.10950 level.

GBPUSD chart analysis

During the Asian trading session, GBPUSD held above the 1.24500 level. Yesterday was a very successful day for the pound. Throughout the day, GBPUSD was in a bullish trend, and a new weekly higher high was formed at the 1.25156 level. Today the picture is different, and we see pullback and pressure, which is now at the 1.24500 level.

Additional support at this level is in the EMA50 moving average. The pair could slip to the 1.24000 support level if this bearish pressure continues. For a bullish option, we need a positive consolidation and a return to the zone around 1.25000. Then we need to stay there in order to consolidate again and start further recovery.