EURUSD and GBPUSD: The Euro continues to struggle at 1.09000
- Yesterday we saw the EURUSD pullback to 1.08314 levels.
- GBPUSD pulled back to support at the 1.23444 level yesterday.
EURUSD chart analysis
Yesterday we saw the EURUSD pullback to 1.08314 levels. The fall stopped there and started a new recovery. By the end of the day, EURUSD returned to the 1.08600 level. During the Asian session, EURUSD continues with the previous bullish consolidation. We are now at the 1.09000 level, and we could expect to see a further recovery of the euro. Potential higher targets are 1.09100 and 1.09200 levels. We need a new negative consolidation and pullback to 1.08800 levels for a bearish option. At that point, we have additional support in the EMA50 4H moving average. If we cannot maintain ourselves above, a breakthrough below is inevitable. Potential lower targets are 1.08600 and 1.08500 levels.
GBPUSD chart analysis
GBPUSD pulled back to support at the 1.23444 level yesterday. From that moment, the pound began to recover, and by the end of the day, it had risen to 1.23850 levels. During the Asian trading session, GBPUSD continued to recover and exceeded the 1.24000 level. Today’s high price is 1.24450 level. What is important for a bullish trend is that we have broken above the upper resistance line. For the bullish option, we need to hold above in order to consolidate there and start the continuation of the recovery. Potential higher targets are 1.24500 and 1.24700 levels. We need a negative consolidation and a pullback below the 1.24000 level for a bearish option. We have additional support at that level in the EMA50 4h moving average. A break below the pound moves to the negative side, which would increase the bearish pressure. Potential lower targets are 1.23750 and 1.23500 levels.
