EURUSD and GBPUSD: EURUSD slips to 1.08129 this morning

• This week, the EURUSD continued its bearish trend.
• Pair GBPUSD on Wednesday formed this week’s high at 1.27748 level.

EURUSD chart analysis

This week, the EURUSD continued its bearish trend. The most we have seen from this pair is Wednesday’s jump to the 1.09324 level. Thus, a new lower high was formed compared to the previous one from January 11. After that, EURUSD begins to retreat below the 1.09000 to 1.08800 level. We stopped there and received a small support that tried to start the recovery and bring us back above the 1.09000 level, but everything ended without success. We had additional pressure in all this in the EMA200 moving average.

A bearish consolidation followed and a fall to 1.082200 levels last night. During the Asian session, the pair recovered slightly to resistance at the 1.08500 level. In the EU session, we are looking at the continuation of the bearish consolidation and falling to 1.08129 levels. The euro remains under pressure to extend the formed low and thereby extend the bearish option. Potential lower targets are 1.07800 and 1.07600 levels.

GBPUSD chart analysis

Pair GBPUSD on Wednesday formed this week’s high at 1.27748 level. We stopped there, and the pound is starting a retreat. The first support is at the 1.27000 level, and we are starting the recovery up to the 1.27450 level. The pair stops there and encounters new resistance, starting a new bearish consolidation. During the Asian session, the movement was calm in the 1.27000-1.27100 range.

With the beginning of the EU session, bearish pressure intensified, and GBPUSD retreated to 1.26750 levels. We had additional resistance in the Asian zone in the EMA200 moving average. This move confirmed the bearish momentum, and we can expect to see a continuation of the pullback. Potential lower targets are 1.26600 and 1.26400 levels.