EURUSD and GBPUSD. Euro rises ahead of NFP report
- During the Asian trading session, EURUSD traded around 1.06000 levels.
- During the Asian trading session, GBPUSD moved in the range of 1.19000-1.19500.
EURUSD chart analysis
During the Asian trading session, EURUSD traded around the 1.06000 level. The pressure on the Euro is still very noticeable, and there was a pullback to the 1.05750 level. The Euro is now trying to hold above that level, recovering to 1.05920. Additional pressure at the 1.06000 level creates the EMA 50 moving average for us. We need a negative consolidation and pullback below this morning’s support for a bearish option.
A break below would increase the bearish pressure, and we would see a continuation of the fall of the Euro. Potential lower targets are 1.05500 and 1.05250 levels. For a bullish option, we need a break above the 1.0600 level. After that, we need to stay up there so we can expect to see further recovery. Potential higher targets are 1.06250 and 1.06500 levels.
GBPUSD chart analysis
During the Asian trading session, GBPUSD moved in the range of 1.19000-1.19500. We managed to hold on there, and a bullish impulse followed that took us all the way to the 1.20100 level. For now, we are holding there and need a break above 1.20000 to continue the recovery.
Potential higher targets are 1.20500 and 1.21000 levels. For a bearish option, we need another negative consolidation and a pullback of the pound to this morning’s support zone. A fresh push at 1.19000 could lead to a break below and a continuation to the bearish side. Potential lower targets are 1.18500 and 1.18000 levels.