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EURUSD and GBPUSD: The euro is back at the 1.06500 level

  • During the Asian trading session, EURUSD recovered from yesterday’s drop to the 1.05600 level.
  • GBPUSD rose to 1.21500 levels yesterday. 

EURUSD chart analysis

During the Asian trading session, EURUSD recovered from yesterday’s drop to the 1.05600 level. Bullish consolidation very quickly pushed the euro above the 1.06000 level, and now we are already at the 1.06600 level. If this trend continues, we could soon climb to the 1.07000 level.

The euro could take advantage of the currently weak dollar. For a bearish option, we need a negative consolidation and pullback below 1.06200, where we had resistance yesterday. A break below would take us down to the 1.06000 level. Potential lower targets are 1.05600 and 1.05300 levels.

EURUSD chart analysis

GBPUSD chart analysis

GBPUSD rose to 1.21500 levels yesterday. The pair encounters resistance there and makes a pullback to the 1.20150 level. During the Asian session, the pound tried to recover but again encountered resistance, this time at the 1.20800 level. Once again, we see a new pullback that could break the previous low and bring us down to test the 1.20000 level.

If the increased bearish pressure on the pound continues, we could see a new break below and a drop to this week’s support in the 1.19150-1.19500 zone. We need a positive consolidation and a return to the 1.21500 resistance level for a bullish option. Then we need to make a breakthrough above and try to stay up there. Potential higher targets are 1.21750 and 1.22000 levels.

GBPUSD Chart Analysis



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