EURUSD and GBPUSD: EURUSD slips back below 1.07000

• Since the beginning of the week, EURUSD has been in a bearish consolidation, forming a new low yesterday at the 1.06861 level.
• Pair GBPUSD fell to 1.24458 levels yesterday for the first time in the previous three months.

EURUSD chart analysis

Since the beginning of the week, EURUSD has been in a bearish consolidation, forming a new low yesterday at the 1.06861 level. The Euro managed to find support at that level and return above 1.07000 during the Asian trading session. Today’s high was at the 1.07285 level, after which we see a pullback to support at the 1.07100 level.

If we manage to stay above, we will have the opportunity to continue on the bullish side. Potential higher targets are 1.07400 and 1.07600 levels. The EMA50 moving average is waiting for us in the zone around 1.07800 levels.

We need a negative consolidation and a pullback of the Euro to the 1.07000 level for the bearish option. A break below would likely form a new low and thus confirm a bearish option. Potential lower targets are 1.06800 and 1.06600 levels.

GBPUSD chart analysis

Pair GBPUSD fell to 1.24458 levels yesterday for the first time in the previous three months. During the Asian trading session, we see a recovery to 1.25000 levels and a new pullback to 1.24800 levels. It is very possible that we will see a break below and a new test of the support zone around the 1.24500 level. A break below would lead to the formation of a new lower low and thus confirm the bearish option. Potential lower targets are 1.24250 and 1.24000 levels.

We need a positive consolidation and a return above the 1.25000 level for a bullish option. Then, we need to keep up there in order to start further recovery with a new impulse. Potential higher targets are 1.25250 and 1.25500 levels.