EURUSD and GBPUSD: The euro is defending at 1.09500

• During the Asian trading session, EURUSD had support at the 1.09500 level. 
• During the Asian trading session, GBPUSD hovered around 1.26200 levels. 

EURUSD chart analysis

During the Asian trading session, EURUSD had support at the 1.09500 level. By the beginning of the EU session, the pair managed to recover to 1.09800 levels. After that, we get resistance at that level and start a new pullback. We are again at the threshold of this morning’s support at the 1.095000 level.

The consolidation around that level has been prolonged, which could negatively affect the EURUSD and make a break below and form a new lower low. Potential lower targets are 1.09400 and 1.09300 levels. We need a positive consolidation and a move above the 1.09800 level for a bullish option. Then we need to stay up there in order to continue further recovery. Potential higher targets are 1.09900 and 1.10000 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD hovered around 1.26200 levels. At the beginning of the EU session, the pound broke above the consolidation and managed to reach the 1.26450 level. The joy did not last long, as a new retreat into the previous movement zone soon followed. For a bullish option, we need a new positive consolidation and a new jump to the 1.26400 level. After that, it is also necessary to hold our own up there in order to consolidate there.

With a new impulse, we would start a further recovery. Potential higher targets are 1.26600 and 1.26800 levels. We need a negative consolidation and a break below the 1.26100 level for a bearish option. Then we would be very close to testing support at 1.26000. The inability to hold above the support level would bring us down to the previous low at 1.25800 levels.