EURUSD and GBPUSD: The euro is stopped at the 1.06900

• EURUSD rose to 1.06915 levels yesterday. 
• During the Asian trading session, GBPUSD continued to slide after jumping to 1.21480 levels on February 28.

EURUSD chart analysis

EURUSD rose to 1.06915 levels yesterday. Since that moment, the euro has been on the defensive and begun to retreat. During the Asian trading session, the euro continued to fall and broke the support at the 1.06500 level. In the European session, the decline continues, and we are now at the 1.06200 level. Since the beginning of trading last night, the euro fell against the dollar by 0.45%.

With this kind of negative consolidation, we can expect to fall to 1.06000. Continued instability on the chart could lead to a test of the previous low at the 1.05700 level. for a bullish option, and we need a positive consolidation and a return above the 1.06500 level first. This would form a new higher low; from there, we could expect continued growth. Potential higher targets are 1.07000 and 1.07250 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD continued to slide after jumping to 1.21480 levels on February 28. This morning’s low pound was at the 1.19600 level. We are currently managing to move up to the 1.19800 level. for a bullish option, and we need a positive consolidation and a return above the 1.20000 level.

Then we need to stay up there and, with a new impulse, start the continuation of the recovery. Potential higher targets are 1.20500 and 1.21000 levels. For a bearish option, we need a negative consolidation and a new test of support at the 1.19600 level. A break below would take us to the previous support level at 1.19225.