EURUSD and GBPUSD: The Euro is back above the 1.07000

• During the Asian trading session, EURUSD continued the bullish consolidation from yesterday, rising to 1.07670 levels. 
• During the Asian trading session, the GBPUSD pair found support at the 1.21400 level. 

EURUSD chart analysis

During the Asian trading session, EURUSD continued the bullish consolidation from yesterday, rising to 1.07670 levels. We are currently encountering resistance at that level, and the pair is making a pullback to the 1.07500 level. For a bullish option, we need a continuation of the previous positive consolidation and a rise to the 1.08000 resistance level. We then need to break above and stay up if we want to see the euro continue to rise.

Potential higher targets are 1.08250 and 1.08500 levels. We need a negative consolidation and a drop of the euro below the 1.07250 level for a bearish option. Thus we would find ourselves on the way to the 1.07000 level, and a break below would return us to the support zone at the 1.06500 level.

GBPUSD chart analysis

During the Asian trading session, the GBPUSD pair found support at the 1.21400 level. After which, a bullish impulse followed and pushed the pair to 1.22000 levels. If this kind of consolidation continues, GBPUSD could visit the next resistance zone at the 1.22500 level.

A break above the pound would mean we could see a continuation of the recovery towards the 1.23000 level. We need a new negative consolidation and a pullback to the 1.21500 level for a bearish option first. A breakout of the pound below could introduce volatility to the chart, and we could see a potential continuation of the pound’s decline. Potential lower targets are 1.21000 and 1.20500 levels.