EURUSD and GBPUSD: Positive Territory
- Pair EURUSD stays in positive territory by above 0.97500 at the 38.2% Fibonacci.
- The pound continues its recovery from last week, forming a new higher high at 1.13000, and for a moment, we found ourselves above the 61.8% Fibonacci.
EURUSD chart analysis
Pair EURUSD stays in positive territory by above 0.97500 at the 38.2% Fibonacci. On Friday, we had one attempt to break below, but instead, the euro found support there and returned to the 0.98000 retracement zone at 50.0% Fibonacci. The euro must break above the 61.8% Fibonacci at 0.98570 to continue the bullish option. Then we need to stay above and continue the movement with a new bullish impulse. Potential higher targets are 0.99000 and 0.99500 at the 78.6% Fibonacci level. For a bearish option, we need a negative consolidation and a drop of the euro below the support to 0.97500 at 38.2% Fibonacci. A break below will increase bearish pressure on the euro. Potential lower targets are 0.97000, 0.96500 previous low, and 0.96000 level, where we would form a new lower low.
GBPUSD chart analysis
The pound continues its recovery from last week, forming a new higher high at 1.13000, and for a moment, we found ourselves above the 61.8% Fibonacci. Now we see a smaller pullback, but all within the limits of the previous bullish consolidation. If this trend continues this week, the GBPUSD pair could be found near the 1.15000 level. That would certainly be a great move for the pound after last week’s fall to an all-time low of 1.03500. Potential higher targets are 1.13000 this morning’s high, then 1.14000 level, and 1.14620 at 78.6% Fibonacci. For a bearish option, we need a negative consolidation and break below 50.0% Fibonacci down to find potential support 1.09000 at 38.2% Fibonacci. That zone is very important to us, and if the pound continues to weaken, it could retest its historical low at the 1.03500 level.
