EURUSD and GBPUSD: The Euro has returned to the 1.10500
- During the Asian trading session, EURUSD consolidated around 1.09800 levels.
- GBPUSD pulled back to 1.23860 levels yesterday.
EURUSD chart analysis
During the Asian trading session, EURUSD consolidated around 1.09800 levels. After that, we see a bullish impulse that breakout that consolidation, and EURUSD climb above the 1.10000 level. The bullish impulse continues to push the euro to the 1.10400 level, thus forming a new high for the day.
We are on our way to visit yesterday’s high at 1.10670 level. This is where we could encounter resistance again as the bullish impulse could become saturated. If we manage to stay up there, we will have the opportunity to test last week’s high at the 1.10760 level. A potential higher target is the 1.10800 level.
GBPUSD chart analysis
GBPUSD pulled back to 1.23860 levels yesterday. After this, we see consolidation and a slight recovery during the Asian trading session. The pair continues to grow in the EU session, forming a new daily high at the 1.24850 level. There has been a saturation of the bullish impulse, and now we see a pullback of GBPUSD from that level.
We need a negative consolidation and pullback to the 1.24500 level for a bearish option. Additional support in that zone is in the EMA50 moving average. A drop below could push the GBPUSD pair even further to lower support levels. Potential lower targets are 1.24200 and 1.24000 levels.
