EURUSD and GBPUSD: The Euro has support at 1.09000
- During the Asian session, EURUSD was in retreat to 1.09000 levels.
- During the Asian trading session, GBPUSD moved in the range of 1.24000-1.24200.
EURUSD chart analysis
During the Asian session, EURUSD was in retreat to 1.09000 levels. The pair consolidates at that point and initiates a new bullish impulse. This move pushed EURUSD to the 1.09382 level, forming a new higher high. The euro has retreated from that peak and is now hovering around the 1.09200 level. It is important to hold above the 1.09100 level to continue the bullish option.
This would create a new support zone from which we would have the opportunity to initiate further EURUSD growth. Potential higher targets are 1.09500 and 1.10000 levels. We need a negative consolidation and pullback to the 1.08900 level for a bearish option. The fall of the euro below could increase the bearish pressure, and the potential lower targets are the 1.08500 and 1.08000 levels.
GBPUSD chart analysis
During the Asian trading session, GBPUSD moved in the range of 1.24000-1.24200. After which, we see a strong bullish impulse in the pound’s jump to the 1.24810 level. The pair is now consolidating around the 1.24600 level, and we are now looking for new support there. If we succeed in this intention, GBPUSD could start further growth with a new impulse.
Potential higher targets are 1.25000 and 1.25250 levels. We need a negative consolidation and pullback to this morning’s support at the 1.24000 level for a bearish option. A break below the pound could introduce fresh volatility, which could send GBPUSD lower. Potential lower targets are 1.23500 and 1.23000 levels.
