EURUSD and GBPUSD: Euro retreats to support at 1.06500
- During the Asian trading session, EURUSD rose to 1.07600 levels and thus formed a new monthly high.
- GBPUSD retreated from 1.22000 to 1.21500 level during the Asian session.
EURUSD chart analysis
During the Asian trading session, EURUSD rose to 1.07600 levels and thus formed a new monthly high. This was followed by a pullback, and EURUSD is now at the 1.06700 level, and we are looking for potential support at the 1.06500 level. If we managed to stay above, we would form a higher low from which EURUSD could start a new bullish impulse.
We need a negative consolidation and a break below the 1.06500 level for a bearish option. Then we need to hold down there, which would lead to increased bearish pressure. After that, we could expect to see a continuation of the bearish trend. Potential lower targets are 1.06250 and 1.06000 levels.
GBPUSD chart analysis
GBPUSD retreated from 1.22000 to 1.21500 level during the Asian session. The pound failed to find support there either, and we saw a break below and a pullback to the 1.21100 level. We could soon find ourselves at 1.21000, where the price could find new support.
If there is a breakthrough below, the next target is the 1.20500 level, and there we meet the EMA 50 moving average as additional support. We need a new positive consolidation and a return above the 1.21500 level for a bullish option. After that, we would have another opportunity to test the 1.22000 level. Potential higher targets are 1.22250 and 1.22500 levels.