EURUSD and GBPUSD: EURUSD slips to support at 1.09300 level

• Yesterday, we saw EURUSD pull back to the 1.08677 support level, after which the pair started a bullish consolidation and recovered to 1.09558 levels.
• This week, we have seen a constant bullish trend in GBPUSD from 1.26600 to 1.28200 levels.

EURUSD chart analysis

Yesterday, we saw EURUSD pull back to the 1.08677 support level, after which the pair started a bullish consolidation and recovered to 1.09558 levels. We paused there but remained high in the Asian session above the 1.09450 level. At the start of the EU session, the euro began to weaken, and thus, the EURUSD began to retreat. This led to a drop to a new daily low at the 1.09300 level.

We are holding above that level for now, but we remain under bearish pressure. Potential lower targets are 1.09200 and 1.09000 levels. If we stay above this support, we expect to see a move back up to the 1.09500 level. We would have a new opportunity to attempt a transition above the 1.09600 level and thus form a new weekly high. Potential higher targets are 1.09700 and 1.09800 levels.

GBPUSD chart analysis

This week, we have seen a constant bullish trend in GBPUSd from 1.26600 to 1.28200 levels. This week’s high was formed this morning in the Asian session. At the start of the EU session, the pair climbed again and tested this morning’s high. We expect a break above and growth to a new high. Potential higher targets are 1.28400 and 1.28600 levels.

If we fail to break above, then we will be looking at a pullback, and we first pay attention to the 1.28000 level of support. A break below it increases the bearish pressure on the pound to search for new support. Potential lower targets are 1.27800 and 1.27600 levels. EMA200 is down at the 1.27000 level.