EURUSD and GBPUSD: The euro is hovering around the 1.09000

• During the Asian trading session, EURUSD continues to recover, climbing to 1.09030 levels.
• During the Asian trading session, GBPUSD hovered around 1.25300 levels. 

EURUSD chart analysis

During the Asian trading session, EURUSD continues to recover, climbing to 1.09030 levels. We were able to consolidate above the 1.08800 level, which gave us additional support and resulted in the previous bullish impulse. Our goal today is to climb above the 1.09000 level and try to hold above it.

If we manage to do it, we will have a good starting position for further progress. Potential higher targets are 1.09200 and 1.09400 levels. We need a negative consolidation and pullback below the 1.08600 level for a bearish option. After that, the euro would have the opportunity to test last week’s low at the 1.08450 level.

GBPUSD chart analysis

During the Asian trading session, GBPUSD hovered around 1.25300 levels. Before the beginning of the EU session, we see a bearish impulse that brings us down to the 1.24650 level. With a new bullish impulse, the pound quickly gains support, begins a recent recovery and returns to 1.25400. The pair is now testing the EMA50 moving average, and we have resistance at that level.

To continue on the bullish side, we need a breakthrough above, and potential higher targets are 1.25600 and 1.25800 levels. Today we had news from the UK market. The data showed that there was an increase in unemployment from 3.8% to 3.9%. The forecast was that unemployment would remain at the same level of 3.8%.

Another important news for the pound was: Claimant Count Change is an index that measures the change in the number of unemployed people in the UK during the reporting month. This report’s data showed an increase in the number of unemployed people who reported. The forecast was 32k, and the actual data showed 46.7k newly unemployed.