EURUSD and GBPUSD: The Euro is holding above 1.08000

• During the Asian trading session, EURUSD rose to 1.08300 levels. 
• During the Asian trading session, GBPUSD rose to 1.24700 levels.

EURUSD chart analysis

During the Asian trading session, EURUSD rose to 1.08300 levels. After that, we see a pullback to support at the 1.08000 level. The pair manages to hold above that level and move up to 1.08100. Now the Euro should take advantage of this short rally to break above the previous high and continue higher.

Potential higher targets are 1.08600 and 1.08700 levels. In the zone around the 1.08600 level, the pair could have additional resistance in the EMA50 moving average. We need a negative consolidation and a break below the support at the 1.08000 level for a bearish option. After that, we could expect to see a continuation of the pullback. Potential lower targets are 1.07800 and 1.07600 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD rose to 1.24700 levels. The pair fails to break above and starts with a pullback. Today’s low is at the 1.24100 level, and we are holding above it for now. The pound has recovered to the 1.24500 level, but we need a positive consolidation to break above 1.24700 if we want to continue the recovery.

Potential higher targets are 1.25000 and 1.25250 levels. We need a negative consolidation and pullback to the 1.24000 level for a bearish option. We would retest last week’s low there, and a breakout below could easily occur. Potential lower targets are 1.23750 and 1.23500 levels.