EURUSD and GBPUSD: Limited Euro gains against the dollar

• During the Asian session, EURUSD finds support at the 1.03200 level.
• During the Asian trading session, GBPUSD moved in the range of 1.19000-1.20000.

EURUSD chart analysis

During the Asian session, EURUSD finds support at the 1.03200 level. Since then, we have seen a bullish consolidation that manages to move the pair above the 1.03500 level. We are now looking towards the 1.04000 level, and we could expect the pair to test that level soon, and maybe even today. For a bullish option, we need a break above the 1.04000 level.

After that, we need to stay above that to try to continue the euro’s recovery. Potential higher targets are 1.04500 and 1.05000 levels. For a bearish option, we need a negative consolidation and retest the previous low. A break below would indicate that we could see further declines in the euro. Potential lower targets are 1.03000 and 1.02500 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD moved in the range of 1.19000-1.20000. We have resistance again at 1.20000, and we now have less volatility in the pound around this level. If we stay above the 1.19000 level, we could see a stronger recovery of the pound and even the potential formation of a new higher high. For something like that, we need a positive consolidation and a move above today’s resistance level. After that, we need to hold up there in order to continue the bullish trend.

Potential higher targets are 1.21000 and 1.22000 levels. For a bearish option, we need negative consolidation and a break below 1.19000, this morning’s support level. Then we have to stay down below to continue the further pullback of the pound. Potential lower targets are 1.18000 and 1.17000 levels.