EURUSD and GBPUSD: EURUSD still slides below 1.11500

• During the Asian trading session, EURUSD consolidated below the 1.11500 level.
• During the Asian trading session, GBPUSD managed to recover to 1.29000 levels.

EURUSD chart analysis

During the Asian trading session, EURUSD consolidated below the 1.11500 level. Additional pressure is created by the EMA50 moving average. We have now encountered resistance in that zone and initiated a bearish impulse and pullback to the 1.11250 level. New pressure at that level could create a breakout below and push EURUSD even lower. Potential lower targets are 1.11000 and 1.10750 levels.

For a bullish option, we need positive consolidation and movement of EURSUD above 1.11500 and EMA50 moving average. Then, we need to keep up there in order to start further recovery with the next impulse. Potential higher targets are 1.11750 and 1.12000 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD managed to recover to 1.29000 levels. At that level, we encounter resistance and see a pullback to the 1.28500 level. It is possible that we will see a break below if the pressure on that level continues. This would lead to the formation of this week’s new low. Potential lower targets are 1.28000 and 1.27750 levels.

We need a positive consolidation and a return to the 1.29000 resistance level for a bullish option. Then, a break above is needed and an attempt to hold up there before continuing the recovery. Potential higher targets are 1.29500 and 1.30000 levels. We have additional resistance at the 1.2950 level and the EMA50 moving average, and if we were to skip it, it could strengthen the bullish option.