EURUSD and GBPUSD: The Euro is back below the 1.10000
- During the Asian trading session, EURUSD encountered resistance at the 1.10400 level.
- During the Asian trading session, GBPUSD hovered around the 1.25000 level.
EURUSD chart analysis
During the Asian trading session, EURUSD encountered resistance at the 1.10400 level. After that, we see a pullback and the formation of a bearish consolidation. We broke below the 1.10100 level very quickly, and the pressure was transferred to the 1.10000 level. Euro continues to retreat, and today’s low is 1.09750.
Today’s EU session was full of important economic news that affected the current movement of the European currency. Two very important reports are the German GDP and Eurozone GDP. Both reports are negative, and it is assumed that there was a fall in GDP compared to forecasts and previous reports.
GBPUSD chart analysis
During the Asian trading session, GBPUSD hovered around the 1.25000 level. The pound began to weaken as we got closer to the EU session. A bearish impulse followed, and GBPUSD fell to 1.24500 levels. We have additional support at that level in the EMA50 moving average.
A break below could further push the pair to lower support levels. Potential lower targets are 1.24250 and 1.24000 levels. Today’s news from Europe negatively affected the neighbouring currency, i.e. the British pound as the first trading partner. Recovery of the pound from its current position could happen if we stopped here and started a new positive consolidation. Potential higher targets are 1.24750 and 1.25000 levels.
