EURUSD and GBPUSD: Euro starts new recovery from 1.06500

• During the Asian trading session, EURUSD manages to recover from yesterday’s fall to the level of 1.06670. 
• During the Asian trading session, GBPUSD climbs up to 1.21000 levels. 

EURUSD chart analysis

During the Asian trading session, EURUSD manages to recover from yesterday’s fall to the level of 1.06670. We are back above 1.07000 again and are slowly approaching the 1.07500 level. We need a break above to continue the recovery. Potential higher targets are 1.08000 and 1.08500 levels. We need a negative consolidation and a new pullback to the 1.06500 level for a bearish option.

We have additional support in that zone in the trend line. A break below would mean a possible further pair for the euro against the dollar. Potential lower targets are 1.06000 and 1.05500 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD climbs up to 1.21000 levels. Yesterday we fell to 1.19600 levels, but a quick recovery followed and a return above 1.20000. We are now hovering around the 1.21000 level, and we could expect a continuation of this positive consolidation. Potential higher targets are 1.21500 and 1.22000 levels.

For a bearish option, we need the pound to fall to 1.20500, the place of the forerunner of support. A break below would take us down to the 1.20000 psychological level for the pound. There would be an increase in bearish pressure, and we could see a further decline in GBPUSD. Potential lower targets are 1.19500 and 1.19000 levels.