EURUSD and GBPUSD: EURUSD is approaching 1.10000 again

• During the Asian trading session, EURUSD was maintained at the 1.09850 level.
• During the Asian trading session, GBPUSD consolidated around 1.26700 levels.

EURUSD chart analysis

During the Asian trading session, EURUSD was maintained at the 1.09850 level. Now, we see a slow awakening of the euro and a move to the 1.09950 level. We are back above the EMA50 moving average again, which could have a positive effect on the course of the EURUSD movement. We need a break above the 1.10000 level, and after that, the pair should start a further recovery. Potential higher targets are 1.10250 and 1.10500 levels.

We need a negative consolidation and pullback below the 1.09800 level for a bearish option. This is where we would have already entered an uncomfortable zone for the euro because the pair could begin to slide and retreat to lower support levels. Potential lower targets are 1.09600 and 1.09400 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD consolidated around 1.26700 levels. At the beginning of the EU session, we see a bullish impulse and a jump to the 1.27250 level. We formed today’s high at that level, and the pound retreated to the 1.27090 level. We are now trying to hold above that level in order to initiate a new bullish impulse and continue with the bullish option. Potential higher targets are 1.27500 and 1.27750 levels.

We need a negative consolidation and pullback to the previous support around the 1.26700 level for a bearish option. A break below will form a new low, which would probably mean a further weakening of the pound. Potential lower targets are 1.26500 and 1.26400 levels.